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Advice regarding loan for deposit

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  • 20-11-2017 7:03pm
    #1
    sibyrne
    Registered Users Posts: 77 ✭✭


    Looking for some advice. Have searched around though am none the wiser. Selling apartment and buying a house. Need the 10% deposit for the house purchase. Is there any specific types of loans I should be looking at. It will be a short term loan, as apartment is paying for it when cash comes through. Roughly €30,000.

    Thanks in advance


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    #2
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    That’s a bridging loan and not very common any more.

    Can you not buy/sell as part of a chain?


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    #3
    sibyrne
    Registered Users Posts: 77 ✭✭sibyrne


    amcalester wrote: »
    That’s a bridging loan and not very common any more.

    Can you not buy/sell as part of a chain?

    We are buying/selling as part of chain though have been told we need to come up with the deposit. Not very clued in when it comes to buying selling. What is the normal process here.


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    #4
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    sibyrne wrote: »
    We are buying/selling as part of chain though have been told we need to come up with the deposit. Not very clued in when it comes to buying selling. What is the normal process here.

    Full despising or booking deposit?

    And when told you this?


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    #5
    sibyrne
    Registered Users Posts: 77 ✭✭sibyrne


    amcalester wrote: »
    Full despising or booking deposit?

    And when told you this?

    Booking deposit was paid. They are looking for a 10% deposit before the contracts are signed. From what I took


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    #6
    Cyrus
    Registered Users Posts: 20,089 ✭✭✭✭Cyrus


    sibyrne wrote: »
    Booking deposit was paid. They are looking for a 10% deposit before the contracts are signed. From what I took

    Is your mortgage not dependent on selling the apartment? I don't see how you can sign contracts until the apartment is sold


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    #7
    sibyrne
    Registered Users Posts: 77 ✭✭sibyrne


    Cyrus wrote: »
    Is your mortgage not dependent on selling the apartment? I don't see how you can sign contracts until the apartment is sold

    It's the deposit payable on signing the first contract.


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    #8
    Mike3549
    Registered Users Posts: 987 ✭✭✭Mike3549


    sibyrne wrote: »
    It's the deposit payable on signing the first contract.

    Dont sign anything until your buyer signs the contract and pays deposit.


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    #9
    sibyrne
    Registered Users Posts: 77 ✭✭sibyrne


    Mike3549 wrote: »
    Dont sign anything until your buyer signs the contract and pays deposit.

    Absolutely.


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    #10
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    See if they’ll accept a lower deposit. Honestly getting into more debt is a bad idea


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    #11
    sibyrne
    Registered Users Posts: 77 ✭✭sibyrne


    December2012 wrote: »
    See if they’ll accept a lower deposit. Honestly getting into more debt is a bad idea

    Agreed. Realistically is only until the money comes through for the sale of the apartment. Talking weeks realistically


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    #12
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    taking out a loan could affect the mortgage for the new property. Honestly talk to the agent. It happens a lot


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    #13
    Cyrus
    Registered Users Posts: 20,089 ✭✭✭✭Cyrus


    sibyrne wrote: »
    It's the deposit payable on signing the first contract.

    Which you can't or at least shouldn't sign unless you are certain on the mortgage which I assume you arent unless the apartment closes


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