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Best way to buy a second house?

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  • 01-01-2017 6:14pm
    #1
    crxsi09
    Registered Users Posts: 251 ✭✭


    Hi all,
    Havnt a clue what's best way to go about it.
    Have a house already, seen another bigger one and the cost is the same as whats left on our tracker mortgage.
    What way does it work? Do people usually remortgage their first house to get some money for the 2nd? Or do they apply for a separate new mortgage for new house and rent the old one out or try sell it? What deposit is needed for a 2nd house?
    Cheers everyone.


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    #2
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    It all depends on the figures.

    Firstly have you got a deposit? Stamp duty, legal fees, moving costs?

    That will help you figure out whether you sell and move, or buy and move and rent out your present property.

    Speak with a financial advisor, you may be able to port your tracker mortgage for a few years.

    You also need to consider the tax implications of renting out your present home


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    #3
    Denny_Crane
    Closed Accounts Posts: 384 ✭✭Denny_Crane


    You can do it either way. The advantage of remortgaging and buying outright is, as a buyer without a chain you will be a prefered over someone in a chain. A chain being people looking to sell their house to buy the new house. Generally chains are the norm as people don't have enough equity to buy outright.

    I'd advise against renting your current house out, it gets very messy. Start looking to sell and make a decision on finance on the back of that.


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