Deposit

[eoin]

hi

Just a quick one currently building a house and if I wished to purchase an apartment could I use my new build as the deposit?

Didn’t want to secure the house entirely against the apartment but only the deposit required to purchase.

Thanks

 

[mf1]

Do you mean get a mortgage secured on both the house and the apartment?

Its helpful if you show figures?

e.g. Apartment price: €300,000.00
Fees and stamp duty : €6,000.00
Total: €306,000.00

Deposit :€30,000.00

Funded by cash?
Mortgage?
How much?
Secured on what?

mf

 

[eoin]

Hi thanks for reply

House will most likely have a mortgage of approx 10% loan to value somewhere in the region of 60k. Didn’t want to borrow fully against the house just put the deposit against it if this is feasible. Approx 50k against a 250k apartment with deposit amount of 20%

 

[Brendan Burgess]

please edit the title in line with the posting guidelines.

Brendan