Hoping somebody can give me some good advice here.
Because I am living in an anti social nightmare in my current house (the area is really bad) I have decided to move jobs to a new department (I work in the civil service ) and hopefully I am going to be moving to Cavan with the new job some time towards the end of this year. Im planning to put my home on the market and also buy a new one in Cavan.
At the moment the outstanding mortgage amount is 215,000. I got the house valued just before xmas and I was quoted 315,000. I imagine that figure is lower now with house prices falling.
I have looked a few houses on the Cavan/Meath border and they are averaging around 300,000 euro. Myself and my partner are planning to go for a new home so as to avoid stamp duty.
Now the thing is myself and my partner only have 10,000 in savings.
On top of that we have a car loan and a bank loan that has 25,000 still to be owed on it.
I have never been in the selling a house at the same time as buying a house scenario before so Im not sure what way the mortgage process will go.
Here are my questions:
1. Would I have to clear the outstanding bank/car loan before I could get mortgage approval to buy my new house?
2. How would I get the deposit together to put down on a house I like? I wouldnt have any available cash until such a time as my house was sold but obviously I would need some money to put a deposit on the new hosue. Would the bank give me a bridging loan for the deposit?
3. Or would I be best to remortgage my current house and make sure I get some extra to clear my bank/car loan and some more money for the deposit for the new house. If I did that the remortgage figure would be around 270,000. Im not sure if I would get that amount if the value of my house is less than 300,000 at present. However if I did get the money I could then apply for the new mortgage for the new house a couple of weeks later.
Im not sure what to do. I just want to get out of where I am and move to a new area. Im not looking to make a profit or anything but I just want to know the cleanest way to go from selling my house to moving into a new one. I was planning to put my house on the market next month with the aim to be in my new house by September. Am i being totally unrealistic?
I would really appreciate any advice you guys had.
Thanks
Gary
Because I am living in an anti social nightmare in my current house (the area is really bad) I have decided to move jobs to a new department (I work in the civil service ) and hopefully I am going to be moving to Cavan with the new job some time towards the end of this year. Im planning to put my home on the market and also buy a new one in Cavan.
At the moment the outstanding mortgage amount is 215,000. I got the house valued just before xmas and I was quoted 315,000. I imagine that figure is lower now with house prices falling.
I have looked a few houses on the Cavan/Meath border and they are averaging around 300,000 euro. Myself and my partner are planning to go for a new home so as to avoid stamp duty.
Now the thing is myself and my partner only have 10,000 in savings.
On top of that we have a car loan and a bank loan that has 25,000 still to be owed on it.
I have never been in the selling a house at the same time as buying a house scenario before so Im not sure what way the mortgage process will go.
Here are my questions:
1. Would I have to clear the outstanding bank/car loan before I could get mortgage approval to buy my new house?
2. How would I get the deposit together to put down on a house I like? I wouldnt have any available cash until such a time as my house was sold but obviously I would need some money to put a deposit on the new hosue. Would the bank give me a bridging loan for the deposit?
3. Or would I be best to remortgage my current house and make sure I get some extra to clear my bank/car loan and some more money for the deposit for the new house. If I did that the remortgage figure would be around 270,000. Im not sure if I would get that amount if the value of my house is less than 300,000 at present. However if I did get the money I could then apply for the new mortgage for the new house a couple of weeks later.
Im not sure what to do. I just want to get out of where I am and move to a new area. Im not looking to make a profit or anything but I just want to know the cleanest way to go from selling my house to moving into a new one. I was planning to put my house on the market next month with the aim to be in my new house by September. Am i being totally unrealistic?
I would really appreciate any advice you guys had.
Thanks
Gary