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Selling apartment to buy a new one - process??

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  • 02-05-2016 12:33pm
    #1
    jayjay2010
    Registered Users Posts: 505 ✭✭✭


    Perhaps someone can shine some light on this.

    If I have a mortgage on a property and I wanted to sell it (buyer ready) and I will be in equity from the sale, what is the process for me getting a new mortgage on a new home?

    Do I need to apply for a mortgage all over again (ie: get approval on principle) or can I transfer my mortgage balance from my first property onto my new property?

    Obviously I am no longer a first time buyer so how does this work?

    Basically, it is possible for my mortgage to be moved from my first property to my new one or do I need to go through the entire process all over again to get a new mortgage?


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    #2
    whippet
    Registered Users Posts: 7,687 ✭✭✭whippet


    No .. It's not possible.

    You will clear the existing mortgage with the sale of your property and apply for a new mortgage for the new property.

    You are no longer a first time buyer and will need to satisfy the central bank conditions .. 20% etc.


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    #3
    jayjay2010
    Registered Users Posts: 505 ✭✭✭jayjay2010


    whippet wrote: »
    No .. It's not possible.

    You will clear the existing mortgage with the sale of your property and apply for a new mortgage for the new property.

    You are no longer a first time buyer and will need to satisfy the central bank conditions .. 20% etc.


    Can I use the equity built up as my deposit or do I need to have a savings record again? To get approval I mean....


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    #4
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    The equity can be the deposit.


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    #5
    whippet
    Registered Users Posts: 7,687 ✭✭✭whippet


    You will also need to satisfy the requirements for affordability and a history of financial prudence when applying..

    Banks are not as easy to get money from as they were 10 years ago.


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    #6
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Hi OP.

    Is the new property more expensive than the one you're selling?

    Also, how much equity do you have?

    Both of these factors will be important to any bank lending you the money.

    Best thing to do is go to talk to them, lay out your circumstances and see what they say.


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