Is it possible to have 2 mortgages simultaneously for a few months if you can show capacity to do so? We are going to start the process of searching for our second/forever home later this year but want to start understanding our options before talkng to the professionals. My ideal scenario when buying our next home would be that we get mortgage approval and take our time waiting for the right houses to come up and have a few months after buying that home to move in, small renovations and sell our first home. The thoughts of buying/selling simultaneously and being part of a chain with lots of potenial delays/issues makes me dread the process. We have kids and want to the process to be as smooth a possible and not have to find rental accommodation between selling and moving which is impossible in our area. Our first home is in a very popular location, in excellent modern condition 5 years old and A2 BER rating so I expect it wouldn't be difficult to sell quickly when required. We recently got it valued also. Is this realistic or are the only options to sell first or sell/buy with contracts transfers all on same day? Can we get 2 mortgages for a period of time if we can prove we can repay? We are pretty frugal and just want to upgrade from our 3 bed terrace to a 4 bed with a little more space in kitchen and add a utility room. Here is a breakdown of our situation:
Current Home Worth approx: €300000
Mortgage remaining: €133000
Positive Equity approx:€167000
Monthly repayments: €680 with the changing variable rate next month
Mortgage Term remaining: 29.5 yrs
Our current extra savings for house: €115000
Savings + Positive Equity: €282000
Combined gross income: €112000
Employment: 1 public sector, 1 private sector
No loans, childcare €7500 per year
We are age 33 so could get another 35 yr motgage (we would repay earlier)
We don't know yet how much of a mortgage we will need it would depend if its a newer build or a fixer upper we find. A quick AIB mortgage calculator says that we could borrow €392000. For some reason the same figure comes up whether we put in our current montly mortgage as an outgoing or not. If we take it that we have to subtract what's left on our current mortgage €392000-133000= €259000 mortgage then available for second house. So that plus our deposit savings is €259000 + €115000= €374000 available to purchase second house (based on having 2 simultaneous mortgages). Would we have to find a house forunder that for the 2 mortgages option? I don't know if we would get the house we wanted for that given today's prices. If we take selling before or simultaneously and just having one mortgage we could get a house worth €392000+€282000= €674000. We dont want to buy for that much realistically max €500000. If we were able to show that we had enough capacity and savings to pay for 2 mortgages on the condition we sell our first house in let's say within 6/8 months to do they allow that? Or am I being completely naive? I suppose the bank would say how can we prove you can sell in a particular time frame and based on only a valuation?
If this is possible could that mean we could bid for houses with mortgage approval and not have offer subject to our house selling? I know this can be off putting to sellers. We have no intention of keeping our first house. We just want to have a few months to transition if needed.
Also some new builds say they won't taking a booking deposit subject to a house sale. We have loved our A2 warm house so would love a new or newish house again or have time to retrofit an older house before selling our current house.
I know we need to sit down with a mortgage advisor, we are not going to start the process until July for a few reasons.
I am trying to research online but it might be more helpful if anyone has any insight or personal experience.
Thanking you in advance for any helpful responses.
Current Home Worth approx: €300000
Mortgage remaining: €133000
Positive Equity approx:€167000
Monthly repayments: €680 with the changing variable rate next month
Mortgage Term remaining: 29.5 yrs
Our current extra savings for house: €115000
Savings + Positive Equity: €282000
Combined gross income: €112000
Employment: 1 public sector, 1 private sector
No loans, childcare €7500 per year
We are age 33 so could get another 35 yr motgage (we would repay earlier)
We don't know yet how much of a mortgage we will need it would depend if its a newer build or a fixer upper we find. A quick AIB mortgage calculator says that we could borrow €392000. For some reason the same figure comes up whether we put in our current montly mortgage as an outgoing or not. If we take it that we have to subtract what's left on our current mortgage €392000-133000= €259000 mortgage then available for second house. So that plus our deposit savings is €259000 + €115000= €374000 available to purchase second house (based on having 2 simultaneous mortgages). Would we have to find a house forunder that for the 2 mortgages option? I don't know if we would get the house we wanted for that given today's prices. If we take selling before or simultaneously and just having one mortgage we could get a house worth €392000+€282000= €674000. We dont want to buy for that much realistically max €500000. If we were able to show that we had enough capacity and savings to pay for 2 mortgages on the condition we sell our first house in let's say within 6/8 months to do they allow that? Or am I being completely naive? I suppose the bank would say how can we prove you can sell in a particular time frame and based on only a valuation?
If this is possible could that mean we could bid for houses with mortgage approval and not have offer subject to our house selling? I know this can be off putting to sellers. We have no intention of keeping our first house. We just want to have a few months to transition if needed.
Also some new builds say they won't taking a booking deposit subject to a house sale. We have loved our A2 warm house so would love a new or newish house again or have time to retrofit an older house before selling our current house.
I know we need to sit down with a mortgage advisor, we are not going to start the process until July for a few reasons.
I am trying to research online but it might be more helpful if anyone has any insight or personal experience.
Thanking you in advance for any helpful responses.
Last edited: