Hi All
I have €106k Mortgage. I am not in negative equity.
I want to purchase a new home but the bank have said that it won't approve my mortgage until I sell my current home.
I preferably would like to move from this house directly into a new one as I have a few kids and I have explored the rental market with a view to selling (and collecting my cash) and renting but there are little or no houses for rent in the area and surrounding areas of community and school. Also the rent is very expensive.
The bank have mortgage approved me for 230K subject to the sale of my house.
I have 80k in savings and was thinking of borrowing 26k to clear the mortgage. I will then own the house but will be selling it as soon as I move out as I don't want to own a rental property in this area. Will this make a difference to the mortgage approval amount? The bank will hardly increases the amount they approved me for? I know they will lower the mortgage amount due to the 26k loan. Or should I just pay a portion of it off or will it make any difference? I will also need a deposit for new home so I'm bearing that in mind. Any suggestions? Kind regards K
I have €106k Mortgage. I am not in negative equity.
I want to purchase a new home but the bank have said that it won't approve my mortgage until I sell my current home.
I preferably would like to move from this house directly into a new one as I have a few kids and I have explored the rental market with a view to selling (and collecting my cash) and renting but there are little or no houses for rent in the area and surrounding areas of community and school. Also the rent is very expensive.
The bank have mortgage approved me for 230K subject to the sale of my house.
I have 80k in savings and was thinking of borrowing 26k to clear the mortgage. I will then own the house but will be selling it as soon as I move out as I don't want to own a rental property in this area. Will this make a difference to the mortgage approval amount? The bank will hardly increases the amount they approved me for? I know they will lower the mortgage amount due to the 26k loan. Or should I just pay a portion of it off or will it make any difference? I will also need a deposit for new home so I'm bearing that in mind. Any suggestions? Kind regards K