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Process for Selling Home & Buying New (mortgages etc)

  • 15-10-2020 9:01am
    #1
    The Mighty Quinn
    Registered Users, Registered Users 2 Posts: 1,228 ✭✭✭


    We're looking at the idea of selling our house and buying another.

    We have 50-60K equity in the house at the moment judging by recent sales. New houses we're looking at would require a deposit of about this with the 20% rules.

    We have very little savings outside of this.

    We are very uncertain about the process... do we make an application to the bank for a mortgage first, do we put our own house up for sale first (hardly any point in getting interested in other houses and viewing if we don't have all this lined up?).

    What happens if say we found a buyer for our own, and couldn't find a house we liked to move in to, do we stall, stall, stall the prospective buyer of ours, or how do people manage this? Doesn't seem fair to string somebody else along for months either, and quite possibly lose their interest.

    I know we'd be in a 'chain', and that maybe the house we'd be looking to buy is depending their owner finding a house that they can move into etc etc.

    It's all a bit daunting and much more complicated than being a cash buyer or buying first home!

    As an extra headache, wife is due to start a new job in December, if we apply for a mortgage prior to that, is it null and void if circumstances change, i.e., she moves job and will be on probation for however long, 6 months maybe.

    Mods: Maybe an Accommodation & Property thread, but was here as asking about making mortgage application etc.


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