Using value of one house to buy another?

S

seanog77

Guest
Hi,

Forgive my ignorance on financial matters, but maybe someone could help me. I own a house which I am currently renting out, but for personal reasons I don't want to sell it. Is there any way I can use the value of this property so that I can buy a home in another location? For instance, could I get a mortgage or a loan using the house I own as security? And if I were able to do that, could I keep on renting it out as well? I am in my 30s, in case age has any bearing on this!


Thanks in advance,
Seán
 
Answer is yes you can. Contact any mortgage company or broker who will advise you of options.
 
But don't depend on these for general independent, professional advice on what's best for your specific circumstances in this context. They have a vested interest in selling you something and not necessarily giving you such advice.
 
Yes you can I have just got 245000 on a remortage from a property worth 320000 paid off the first mortage company 171000 and used the rest as deposit and stamp duty. I am now letting first house for 1400 month and paying back about 950 on the first mortage and have the remainder towards the mortage on my new house. Got I M B 016790990 in Pearse street Dublin to do everything. They even got me a solicitor at a very good fixed price
 
Hi SeanOg,

Check out [broken link removed] & and [broken link removed] for some contrarian views on the Irish Residential Property Market.

aj
 
Interesting to consider in this case what is meant by a contrarian view (i.e if we mean goes against conventional wisdom)

According to the ESRI, the majority of people now expect stagnation, and four times as many people expect house prices to fall as expected falls last year.

You could also say that those who think property prices will rise now hold a minority or contrarian view !
 
Yes they are falling already, a house near me which has just gone on the market was priced for sale by the Auctioneer at aprox €10K less than what would have been the asking price 9 months ago. But the OP wants to hold the first house for personal reasons I believe...
 
Clubman - If you use a large reputable broker they will look after your interest!
 
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