Buying new build property - €450,000
Drawing down mortgage with EBS - €350000
Using €140,000 of savings with €40,000 left over for fees, furniture etc.
Rate - 3.5% variable
Monthly repayment - approx €1571
Selling current property valued at - €265,000
Left on mortgage - €165,000
Monthly repayments - approx €750
Brief synopsis of where we are and current plan. Have current property up for sale and new build is due to be completed in May/June (with usual expected delays.
Strong possibility we won't have current property sold prior to moving and drawing down next mortgage.
Drawing down new mortgage was not dependent on sale of current property.
So current plan is to take mortgage with EBS, really only for cashback deal. Going to go with variable as I'd like to put €100,000 from the eventual sale of my current property directly off the new mortgage bringing it down to €250,000. Then plan to move mortgage and fix, possibly with Ulster bank.
That would make monthly repayment approximately €1000 on a 2.6% fixed rate.
Does this make sense, not fixing initially to wait for profit on sale?
Drawing down mortgage with EBS - €350000
Using €140,000 of savings with €40,000 left over for fees, furniture etc.
Rate - 3.5% variable
Monthly repayment - approx €1571
Selling current property valued at - €265,000
Left on mortgage - €165,000
Monthly repayments - approx €750
Brief synopsis of where we are and current plan. Have current property up for sale and new build is due to be completed in May/June (with usual expected delays.
Strong possibility we won't have current property sold prior to moving and drawing down next mortgage.
Drawing down new mortgage was not dependent on sale of current property.
So current plan is to take mortgage with EBS, really only for cashback deal. Going to go with variable as I'd like to put €100,000 from the eventual sale of my current property directly off the new mortgage bringing it down to €250,000. Then plan to move mortgage and fix, possibly with Ulster bank.
That would make monthly repayment approximately €1000 on a 2.6% fixed rate.
Does this make sense, not fixing initially to wait for profit on sale?
