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Mortgage

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  • 11-07-2018 2:21pm
    #1
    Chiggins1
    Registered Users Posts: 2 ✭


    Hi, We have a mortgage of 101k outstanding, we have just received an offer on our house for 205k and have accepted. We are looking to buy another house for 190k. We would be taking out a mortgage of 150k, and would be using equity to pay off a 15k credit union loan and the remainder as deposit and renovation money, but I was wondering how does it work, can we get the new mortgage before the old one is paid off or do you have to clear one and then start the application again? Thanks


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    #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Chiggins1 wrote: »
    Hi, We have a mortgage of 101k outstanding, we have just received an offer on our house for 205k and have accepted. We are looking to buy another house for 190k. We would be taking out a mortgage of 150k, and would be using equity to pay off a 15k credit union loan and the remainder as deposit and renovation money, but I was wondering how does it work, can we get the new mortgage before the old one is paid off or do you have to clear one and then start the application again? Thanks



    [font=Verdana","sans-serif]Hi Chiggins1 [/font]



    [font=Verdana","sans-serif]Thanks for getting in touch with us here. [/font]



    [font=Verdana","sans-serif]We would recommend contacting our Mortgage Advisors, they would be happy to discuss this further with you and answer all your questions regarding the move. Sorry we are unable to give you a direct answer here as all applications are reviewed on a case to case basis with various factors involved. Our Team would be happy to assist you here https://goo.gl/uEd7k5[/font]

    [font=Verdana","sans-serif]If you would like us to arrange a call please let us know, we would also be happy to help. [/font]



    [font=Verdana","sans-serif]Many Thanks[/font]
    [font=Verdana","sans-serif]Alison[/font]


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