Our current house is 'sale agreed' with no contracts signed, just purchasers deposit of 5k paid.
We had mortgage in principle, but a glitch at the last stage is rendering that null and void, unfortunately. So we will have to pull out of our purchase.
Dilemma is whether to go ahead and sell our current house and rent in our desired location for now (reason being school for kids), or rent our current house out.
We don't have enough savings for new 20% rules..We have 15%.
So we are thinking of renting and saving the extra until we can buy again. My question is would it be better for us to have a track record of paying mortgage rather than rent? what do underwriters prefer? Or does it make a difference.
Luckily we are not in neg equity and would make a small profit (20k) if we sell.
we would also 'profit' from renting out current house as its on tracker and would generate about €200 over the balance of us renting.
Any thoughts? Tia
We had mortgage in principle, but a glitch at the last stage is rendering that null and void, unfortunately. So we will have to pull out of our purchase.
Dilemma is whether to go ahead and sell our current house and rent in our desired location for now (reason being school for kids), or rent our current house out.
We don't have enough savings for new 20% rules..We have 15%.
So we are thinking of renting and saving the extra until we can buy again. My question is would it be better for us to have a track record of paying mortgage rather than rent? what do underwriters prefer? Or does it make a difference.
Luckily we are not in neg equity and would make a small profit (20k) if we sell.
we would also 'profit' from renting out current house as its on tracker and would generate about €200 over the balance of us renting.
Any thoughts? Tia