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Upgrading on property with an existing Mortgage

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  • 11-05-2020 9:11am
    #1
    Noddy33
    Registered Users Posts: 217 ✭✭


    Hi All,

    Apologies as i am sure this topic has been covered multiple times previously. I just looking to get feedback on best approach and what items on checklist do I need to ensure I have all my ducks in a row if it something I try to pursue further

    In short basically I currently own a mid terrace 3 bedroom property down south in the country that I purchased for €200K three years ago. I have an outstanding balance of approximately €140k left on the mortgage. My original plan was to always to hold on to this property for for another 5-7 years and then sell on and look to perhaps upgrade or perhaps even do a self build out the country.

    However a property has just come on the market that I have always adored. It has yet to be advertised on the estate agents website so i dont know what the guide price will be but there is a 'For Sale' sign on the house. It is a smaller property than my current house but has more privacy and is 2 bed semi detached house that was recently renovated finished to an immaculate spec. My own feelings will be the initial guide price will be some where in the price range of approx €240K

    My query is really If I was keen to pursue this property what is the best way to do this and what requests would banks have bearing in my mind I already have an existing mortgage and probably now need to re-mortagage? I would have no interest in keeping two properties so ideally I would like to buy the renovated house and sell my current house then once I knew I had the new property. How does the chain of sale here work with regards getting re-mortgaged for upgraded house?

    The renovated house is just something I know that I could happily see myself in for the next 15 years before i looked to make set up 'home' out the country as i get towards retirement.

    I know there uncertainty with regards Covid etc and before all this and people are still waiting to see how the housing market plays out. I suppose I am just also thinking that alot of people will be reluctant to buy properties within the next few moments as they might prefer to wait to see how market plays out so therefore there might be a small window of opportunity to get this house a reduced rate. The house really suits my current personal circumstances and really would be an ideal medium to long term house for me


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