Selling and buying trading up

[Sunshine26]

Hi there, first time posting and have a query about trading up. Mortgage left on current home €165,000, house value approx €205,000. Looking at trading up to house in region of €300,000- have savings of €25,000.
My query is do we need to have the actual equity on the sale of our house before we can get mortgage on 2nd house, this would mean renting for a period of time?
Or is the potential equity from sale of house enough to secure a mortgage on trade up house as long as we sell and buy at the same time?
I hope I have made sense and thanks for any advice you can give.

 

[mollyblue]

In short!...

My query is do we need to have the actual equity on the sale of our house before we can get mortgage on 2nd house, this would mean renting for a period of time?
No.
Or is the potential equity from sale of house enough to secure a mortgage on trade up house as long as we sell and buy at the same time?
Yes.
.

 

[Sunshine26]

Thanks mollyblue appreciate your response!