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is buying a second time just as hard?

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  • 23-08-2020 1:10am
    #1
    utmbuilder
    Registered Users Posts: 471 ✭✭


    If you are buying a second house, and are not borrowing anymore on your mortgage do you still jump through all the hoops to move the mortgage to a new more valuable home?

    Thinking about 3 years down the line. Mortgage is up to date no arrears.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,317 Mod ✭✭✭✭Gumbo


    utmbuilder wrote: »
    If you are buying a second house, and are not borrowing anymore on your mortgage do you still jump through all the hoops to move the mortgage to a new more valuable home?

    Thinking about 3 years down the line. Mortgage is up to date no arrears.

    You still have to go through the full process.

    You are not ‘moving the mortgage’ to another house. You effectively have to sell, clear that mortgage and draw down a new mortgage for the new house. Even if the prices are exactly the same.

    You will also need deposit, and cash for solicitor fees etc


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    #3
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    Yes, as said above you are not moving the mortgage- you sell the house and discharge the mortgage. Then your second house is a whole new application. If you are selling and buying at the same time it is more complicated than being a first time buyer.

    The only difference we found is that the mortgage application they are not as interested in you having saved x amount every month etc. as you have proved that you are paying a monthly mortgage already. I don't know whether it was that we are in a much better financial position than when we were first time buyers though - but we found there was less scrutiny on our finances.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Buying the first time- you only need a 10% deposit- and can qualify for a HTB scheme of up to 30k.
    Second or subsequent time- no HTB and you need a minimum 20% deposit (possibly higher depending on the type and location of the property).

    So- I'd suggest buying a second or subsequent time- could potentially be a lot harder than an initial purchase (depending on your particular circumstances).


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