100% Mortgage question

L

Legion

Guest
Hi, I have paid down a 10% deposit on a house in April 2006 as a first time buyer that will not be completed till March 2007. I have received a job offer that will mean relocating from Cork to Wicklow.

The price paid for the house will have increased by approx. 10% by the time it will be completed. If i wait till then and sell it, making a hopeful 25-30000k profit to use as a 10% deposit on a house in Wicklow.

What situation will i be when i go to buy a house in Wicklow.

Will i have to pay extra taxes on the house because i never lived in it?

Will i still qualify for a 100% mortgage if the extra capitol must be used to pay these extra taxes?

Or are they ways and means around this problem?

Any help would be appreciated.
 
Hi Legion,
When you do this, you will not be a FTB in Wicklow, so you will pay more stamp duty. Depending on the price bracket you are in, this could eat up your gain pretty quickly. Check for the stamp duty rates.

Also, the 100% mortgage product, is only offered to FTBs, so you may
not be offered it, you should check with a mortgage broker about this.
 
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