2nd House

Looking to buy a house down the country which will be ready in ~4 months. The thing is, I don't want to move for 1 yr.

Would a mortgage company be willing to give me a 2nd mortgage for 6 months or so until I am ready to sell my current property?

(Current house worth 500k - Mortgage of 250k).

J

Jildy said:

Looking to buy a house down the country which will be ready in ~4 months. The thing is, I don't want to move for 1 yr.

Would a mortgage company be willing to give me a 2nd mortgage for 6 months or so until I am ready to sell my current property?

(Current house worth 500k - Mortgage of 250k).

J

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It depends on affordability. What's the price of the new house? Would you be looking to borrow 100% (plus Stamp Duty if it's not going to be your main residence*) or do you have cash to put down? What is your occupation and income(s)? Apart from your current mortgage (who is it with?) do you have any other loans or commitments?

Sarah

www.rea.ie

* check with your solicitor or the revenue on this point - I think if you can prove that you intend to live in it and do not let it you may not be liable.

MortgageMate said:

Hi Jildy,

Yes, you could buy the house as an investment prop. rent it out for 8months then move into it next year.

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Assuming there is a rental market down the country.