I need some advice please. I am trying to sell my home to finance the purchase of a house in a new development which is due to be ready in March 2009. I have put a booking deposit down on the new development.
I currently have €120,000 left on my current mortgage
The new house will cost €300,000
Im hoping to sell my home for €290,000
This means that I will need a mortgage of approx €130,000 (give or take)to cover all the finances.
What is the actual process of doing this?
Do I apply for mortgage approval now on the full amount of €130,000 related to the new build even though I wont be drawing down any money until next year? or
Do I apply for a top up mortgage to cover the difference now and then sort all the finances out when the transactions go through?
I envisage staying with my current mortgage provider.
Im not sure whats the first step. Any advice would be appreciated.
I currently have €120,000 left on my current mortgage
The new house will cost €300,000
Im hoping to sell my home for €290,000
This means that I will need a mortgage of approx €130,000 (give or take)to cover all the finances.
What is the actual process of doing this?
Do I apply for mortgage approval now on the full amount of €130,000 related to the new build even though I wont be drawing down any money until next year? or
Do I apply for a top up mortgage to cover the difference now and then sort all the finances out when the transactions go through?
I envisage staying with my current mortgage provider.
Im not sure whats the first step. Any advice would be appreciated.