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new joint mortgage, house to sell

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  • 21-08-2018 9:37pm
    #1
    misc2013
    Registered Users Posts: 251 ✭✭


    Not sure if this fits with buying or selling as it's both! We are renting currently and want to buy. I am planning to sell my house up the country in order to buy with my husband here where we have settled and intend to stay.


    How does a new mortgage work if you have a property as collateral? Do we still need to have the 10% deposit? Does my house help us when applying for a mortgage? Thanks.


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    #2
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Are you in negative equity? Do you have a tracker?

    Sell your house and the profit will go towards your deposit - unless you have negative equity, it's probably not going to get any more complicated then that.


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    #3
    Stanford
    Registered Users Posts: 1,181 ✭✭✭Stanford


    ""up the country""......where is that?


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    #4
    misc2013
    Registered Users Posts: 251 ✭✭misc2013


    GingerLily wrote: »
    Are you in negative equity? Do you have a tracker?

    Sell your house and the profit will go towards your deposit - unless you have negative equity, it's probably not going to get any more complicated then that.


    That's what we were thinking but we're not in a position to sell for 6months cos of tenants in situ. Was only wondering if we'd get a mortgage in principle (if they still do that) based on the value of the house to sell. No negative equity currently and have tracker.


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    #5
    Caranica
    Registered Users Posts: 10,117 ✭✭✭✭Caranica


    20% deposit needed as you won't be classed as first time buyers.


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    #6
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    misc2013 wrote: »
    That's what we were thinking but we're not in a position to sell for 6months cos of tenants in situ. Was only wondering if we'd get a mortgage in principle (if they still do that) based on the value of the house to sell. No negative equity currently and have tracker.

    If you have a tracker you may want to see if you can transfer some of it - so something to note!

    I don't think you'll get the mortgage you want, the banks don't do bridging loans anymore so you'd have to afford both mortgages for that.

    Sell ASAP and maybe give your tenants a gift if they leave early to hurry them along.

    You'll be able to get approval when you go sale agreed (you'll know how much you will have towards the new property) but you may find it hard to go sale agreed with tenants in situ!


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    #7
    misc2013
    Registered Users Posts: 251 ✭✭misc2013


    Caranica wrote: »
    20% deposit needed as you won't be classed as first time buyers.




    Sorry, thanks for clarifying.


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    #8
    lollpop
    Registered Users Posts: 159 ✭✭lollpop


    I did something similar not too long ago.
    Check out moving the tracker, banks all have slightly different rules but they may allow you to move the tracker and add a percentage on to it. Obviously that would mean keeping the same bank.

    It comes down to your salary but it's likely you'll need to sell your house before you can draw down on a new mortgage. We got approval in principle with this requirement written in to it. Even if you cant sell your house yet, start the process with the bank now. It took much longer than we expected to actually get approval in principle due to owning a property already.


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    #9
    misc2013
    Registered Users Posts: 251 ✭✭misc2013


    lollpop wrote: »
    I did something similar not too long ago.
    Check out moving the tracker, banks all have slightly different rules but they may allow you to move the tracker and add a percentage on to it. Obviously that would mean keeping the same bank.

    It comes down to your salary but it's likely you'll need to sell your house before you can draw down on a new mortgage. We got approval in principle with this requirement written in to it. Even if you cant sell your house yet, start the process with the bank now. It took much longer than we expected to actually get approval in principle due to owning a property already.

    Good advice. Thank you. What's involved with getting mortgage approval in principle?/


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