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Short term mortgage while house is selling

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  • 04-06-2018 7:14pm
    #1
    jamesd2013
    Registered Users Posts: 844 ✭✭✭


    Hi all

    We are looking to move house but am wondering is it possible to get the money to buy the new house while my own is being sold without having to go through the strict mortgage approval process?
    House is finance free but i wouldnt have the funds to finance the new one but the sale of my current house would more than cover the new one and more.
    Can a bank take the house i have for sale into consideration?


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    #2
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Without having to go through strict process like everyone else is a definite no.

    But it's possible to get one and clear it when you can, talk to your broker/advisor.

    Banks won't be massively keen though, they will be giving you a 6 figure sum and won't make much profit in it.


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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    You're basically talking about a bridging loan. They are long gone at this stage.

    You form a chain and sell yours and buy the new one on the same day with various other parties doing the same.


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    #4
    Sleeper12
    Registered Users Posts: 17,070 ✭✭✭✭Sleeper12


    It's called a bridging loan and though much harder to get than before you can still get it.

    If your own bank give you the run around try a broker. Google, bridging loaned Ireland & you will find brokers offer them


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