Allison1707
Registered User
- Messages
- 30
Hi Everyone,
Just looking for a bit of advice please. We are thinking of moving house and have an existing home with a small mortgage but we also have small savings. We are 2nd time buyers and are very confused about the deposit amount that we will need. If we want to trade up to a property of €280-300k does this mean that we would need €60k Deposit now or is the equity in our home regarded as our deposit? We will be selling our home and not holding onto it. Its valued around €230k. How does it all work? as in, do you go through the process of applying for a new mortgage and hope for the best money wise as in how much would we get? would our existing €40k mortgage hinder everything and are we better off saving really hard and paying it off or can the €40k be added to the new mortgage? Our best case senario would be to get approved for €280 on our own salarys, go looking, get new house and move in, sell our house and use proceeds against €280 mortgage. Am i living in dream land? Thanks
Some figures that may help
Current Property
Is this a single or joint application. Joint Application
Type of Property. 2/3 bedroom house/apartment. 2 Bed
Value of Property Aprox 230K
Amount of Mortgage €40,339 / €889 per month KBC 4.25% SVR
Term of Mortgage. 4yrs 1Mth
Prospective Property €280-300K
Any other relevant information. Salary 1) 34,500 Salary 2)45,000
Amount of savings and over how many years 16K over 20Mths
Is there a lump sum from any other source? If so give full details. Yes €15K from matching Childrens allowance per year and depositing into a separate acc for future college fees etc...
Age of Applicants. 43 + 46
Employment situation. Both Private
How long are you in current position and are you permanent. 13years + 6years both Permanent
Have you any children. Yes 2 age 6 + 8 childcare €460 per month
Have you any court orders or Judgements. No
Have you any other loans and if so full details of amount/period/% rate and repayment amounts. No
Cr. Card situation. Full disclosure. €800 outstanding on 1 – other clear
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months? Nope
Any previous negative Cr. history by either applicant. Nope
Are your savings and rent clearly visible and identified as such in your bank accounts each month Yes
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months? Nope
If you have been refused a mortgage please give exact reason of why and address why you think you should not have been. Nope
Did you use a Mortgage broker or are you applying directly? Don’t know yet
Have you checked your ICB record to make sure it's clean?* Nopewe did years ago and both were clean and we haven’t had any loans or missed any payment since. Although I haven’t paid my water bill yet…
Just looking for a bit of advice please. We are thinking of moving house and have an existing home with a small mortgage but we also have small savings. We are 2nd time buyers and are very confused about the deposit amount that we will need. If we want to trade up to a property of €280-300k does this mean that we would need €60k Deposit now or is the equity in our home regarded as our deposit? We will be selling our home and not holding onto it. Its valued around €230k. How does it all work? as in, do you go through the process of applying for a new mortgage and hope for the best money wise as in how much would we get? would our existing €40k mortgage hinder everything and are we better off saving really hard and paying it off or can the €40k be added to the new mortgage? Our best case senario would be to get approved for €280 on our own salarys, go looking, get new house and move in, sell our house and use proceeds against €280 mortgage. Am i living in dream land? Thanks
Some figures that may help
Current Property
Is this a single or joint application. Joint Application
Type of Property. 2/3 bedroom house/apartment. 2 Bed
Value of Property Aprox 230K
Amount of Mortgage €40,339 / €889 per month KBC 4.25% SVR
Term of Mortgage. 4yrs 1Mth
Prospective Property €280-300K
Any other relevant information. Salary 1) 34,500 Salary 2)45,000
Amount of savings and over how many years 16K over 20Mths
Is there a lump sum from any other source? If so give full details. Yes €15K from matching Childrens allowance per year and depositing into a separate acc for future college fees etc...
Age of Applicants. 43 + 46
Employment situation. Both Private
How long are you in current position and are you permanent. 13years + 6years both Permanent
Have you any children. Yes 2 age 6 + 8 childcare €460 per month
Have you any court orders or Judgements. No
Have you any other loans and if so full details of amount/period/% rate and repayment amounts. No
Cr. Card situation. Full disclosure. €800 outstanding on 1 – other clear
Have any of your existing loan or credit card monthly repayments been paid late over the past twelve months, even if you made the repayment in full a few days later? If so, how many times in the past twelve months? Nope
Any previous negative Cr. history by either applicant. Nope
Are your savings and rent clearly visible and identified as such in your bank accounts each month Yes
Have you gone over your overdraft limit in the past six months, even if only for a day or two? If so, how many times in the past six months? Nope
If you have been refused a mortgage please give exact reason of why and address why you think you should not have been. Nope
Did you use a Mortgage broker or are you applying directly? Don’t know yet
Have you checked your ICB record to make sure it's clean?* Nopewe did years ago and both were clean and we haven’t had any loans or missed any payment since. Although I haven’t paid my water bill yet…