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Using properties as mortgage collatoral

  • 11-02-2017 4:35pm
    #1
    Jammie01
    Registered Users Posts: 55 ✭✭


    Considering selling up our primary residence and moving to a similar priced house in a different location. Do we need to apply for a new mortgage and go through the whole process again?

    Deleted the details and have contacted a broker thanks


Comments

  • #2
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 29,216 ✭✭✭✭AndrewJRenko


    You'd probably need to be more specific. Could you post details of the approximate valuation and outstanding mortgage of each property, so people understand what kind of equity you have?


  • #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    OP go talk to a broker. You'll get better advice than you'll get on here without having to share personal info with more people than necessary.


  • #4
    Geuze
    Registered Users, Registered Users 2 Posts: 13,578 ✭✭✭✭Geuze


    Jammie01 wrote: »
    Considering selling up our primary residence and moving to a similar priced house in a different location. Do we need to apply for a new mortgage and go through the whole process again?

    Deleted the details and have contacted a broker thanks


    If the proceeds of the sale of your PPR cover the cost of the new purchase, then obviously no mortgage is required.

    Buy getting the sale and purchase to match up is hard.


  • #5
    Jammie01
    Registered Users Posts: 55 ✭✭Jammie01


    Geuze wrote: »
    If the proceeds of the sale of your PPR cover the cost of the new purchase, then obviously no mortgage is required.

    Buy getting the sale and purchase to match up is hard.

    I still have a mortgage on my PPR though so the 'profit' I make wouldn't be enough to buy the new house, I'd still need my existing mortgage


  • #6
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Well you won't be able to keep the existing mortgage as that will need to be cleared before the bank release the deeds to complete the sale.

    So you'll either need a new mortgage for the new house or a release of equity on some of your existing properties which is basically a new mortgage on one of them but fairly unlikely lenders will do that at the moment. Messy too from tax point of view, simpler and more straightforward to keep the home mortgage on the home.


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