Dilemma with bridging/remortgage

[edenjohnny]

I have a problem. I want to buy a house and land worth e450000. I have not yet sold my home in Dublin, It is on the market at e635000. Someone has made an offer on the house part of the new property (being sold in 2 lots) house or house and land. I want the entire. Is it possible to borrow interest only and rent out the dublin house . When the rented / Dublin house is sold could I then pay off the mortgage? By the way my mortgage is paid off on the Dublin house. I hope this makes sense. Help!!!

 

[Butter]

Don't see why not if your Dublin house is already paid off. I'd imagine a bank would be willing to loan you the money you need on an interest only basis. I think you have a year's grace after leaving a ppr and still classify it as a ppr. Get on to the bank quick!

 

[BigM]

I don't see why there would be a problem - go into any independent mortgage broker and see what they think. You'll only be looking for around 70% mortgage on the Dublin property.
And Marg is correct - you have 12mths deemed occupancy so if you rent out the Dublin house until it's sold you still won't be liable to CGT (unless it takes longer than 12mths!).

Alternatively, you could drop the asking price on your house and try and shift it quickly.