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Second time buyers

Liam McPoyle · 2018-02-07 09:51:19

Hi all. Looking for some general advice. Current situation is as follows. Married, both of us working, combined gross annual income recently increased to €140,000. We currently own where we are living, approx €225k left on the mortgage. Property is a 2 bed duplex (2 up 2 down) in Saggart. We had it valued around 2 years…

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#32 09-02-2018 10:58am
FastFullBack

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I’ve a general question about 2nd time buying. Will a bank allow you to use profits from sale of 1st house to fund deposit on 2nd house? I know if you sell in advance they will, but if you are timing the 2 transactions together will the bank give leeway to use funds from for sale? Or does the full 20% deposit need to be saved?

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#33 09-02-2018 2:18pm
mloc123

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FastFullBack wrote: »

I’ve a general question about 2nd time buying. Will a bank allow you to use profits from sale of 1st house to fund deposit on 2nd house? I know if you sell in advance they will, but if you are timing the 2 transactions together will the bank give leeway to use funds from for sale? Or does the full 20% deposit need to be saved?

They will let you use the equity.. They will ask what your expected sale price is and work from that.

The actual selling/buying process is a little muddled tbh. We really had 2 mortgages for about a week, new one was drawn down while we still owned the first house (your solicitor signs documents with the bank to say they will ensure the money from the sale of the first house will be used to clear the mortgage) the selling/buying took place on one day and the money from the sale paid of the first mortgage and covered part of the new purchase.

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#34 09-02-2018 6:16pm
FastFullBack

Registered Users Posts: 1,455 ✭✭✭

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mloc123 wrote: »

They will let you use the equity.. They will ask what your expected sale price is and work from that.

The actual selling/buying process is a little muddled tbh. We really had 2 mortgages for about a week, new one was drawn down while we still owned the first house (your solicitor signs documents with the bank to say they will ensure the money from the sale of the first house will be used to clear the mortgage) the selling/buying took place on one day and the money from the sale paid of the first mortgage and covered part of the new purchase.

Ya I'd imagine the process could be a bit complicated when 2 sales involved, that's to be expected. That's good on the equity. Saving a full 20% would be a lot.

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#35 09-02-2018 6:33pm
Lumen

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FastFullBack wrote: »

I’ve a general question about 2nd time buying. Will a bank allow you to use profits from sale of 1st house to fund deposit on 2nd house? I know if you sell in advance they will, but if you are timing the 2 transactions together will the bank give leeway to use funds from for sale? Or does the full 20% deposit need to be saved?

Dealt with in this thread:

https://www.boards.ie/vbulletin/showthread.php?t=2057835533

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