new salary......another mortgage?

one4one

I bought my first place in February last year. At the time my salary was approx 30k. I recently got a big salary increase (promotion) and my salary will almost double. I am thinking of selling my first place, and applying for a new, higher value mortgage. Can I do this if it has only been 1 year since I got my first place or will the bank raise their eyebrows at me looking for a new place? the reason why I want to get somewhere else is because with the bigger salary I can get something I prefer. I am currently on a variable rate with AIB and on a 35 year term. Can I just sell my first place, use the small equity built up in that as part of my deposit for my second place? has anybody here ever bought a place and a year later sell that place to buy a more expensive place?

Stealthfins

This kind of thing was happening quite regularly during the 00's .
People punching above their weight.

Maybe settled into your new position for a year or so,the last thing you need is financial insecurity.

MarkAnthony

Furiously pay off the first mortgage for a year or so. You're new position won't be looked at favourably for the bank until you're in the door for a while anyway.

Congrats on the promotion but don't let it go to your head.

JuliusCaesar

Yes, congratulations on the promotion.

Put half the raise against the mortgage and ssave the rest for a year. Give yourself only a couple of grand out of the lot to increase your spending money. Don't get used to the raise first! It's fatal!

NIMAN

Why do you want to move?
Are you not happy where you are? Do you not like the house?

Don't be getting all early 2000s simply because you have more money. You don't have to buy a bigger place just cos you are earning more money.

Save it perhaps, invest it?

Our economy is far from robust, and indeed the world economy is fragile if you read a lot of the experts. Wouldn't take a lot to bring it all crashing down, so perhaps don't be in a rush to over extend yourself. Thats what happened in the Tiger, and many of those people lost their homes.

Jen44

Would you have built up much equity in one year?

Mrs OBumble

You do realise that even though your salary doubled, your take home income didn't?

You will see approx 15k of the increase, the tax man will get the rest.