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Looking to downsize house but have no purchase deposit

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  • 20-02-2018 12:01pm
    #1
    Classic Senior
    Registered Users Posts: 3 ✭


    Hi,

    I hope you can help with this question.

    We are a couple in early sixties with a larger home and our children have moved on. We have a mortgage (5 years remaining) but no savings. The house has good equity (approx 80%) but the monthly mortgage is significant.

    We would like to downsize in order to clear our mortgage and remain mortgage free but would like to move directly into a smaller house rather than selling ours first in order to get the proceeds while renting as we search a house.

    For people in such situations with good equity and no cash flow, are there any suggestions for them to place an offer on a smaller house (booking deposit, 10% down payment, fees, etc) who don't have the savings to buy but have the equity to sell. It seems that such costs might be as high as €50- €70k ?

    Thanks in advance


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    #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Classic Senior wrote: »
    Hi,

    I hope you can help with this question.

    We are a couple in early sixties with a larger home and our children have moved on. We have a mortgage (5 years remaining) but no savings. The house has good equity (approx 80%) but the monthly mortgage is significant.

    We would like to downsize in order to clear our mortgage and remain mortgage free but would like to move directly into a smaller house rather than selling ours first in order to get the proceeds while renting as we search a house.

    For people in such situations with good equity and no cash flow, are there any suggestions for them to place an offer on a smaller house (booking deposit, 10% down payment, fees, etc) who don't have the savings to buy but have the equity to sell. It seems that such costs might be as high as €50- €70k ?

    Thanks in advance

    Hi Classic Senior,

    Thanks for getting in touch with us here.

    I'd ask that you speak to one of our mortgage specialists in relation to this as they'd be able to take all of your information and go through all the options available to you with this.
    I've given a link here that has the number for our mortgage section and also has an option to arrange a call back from one of our mortgage specialists.


    Thanks again,
    Darren.


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    #3
    naheedkhan0
    Registered Users Posts: 2 ✭naheedkhan0


    I found that post valuable for me.


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