Getting a new mortgage - whats the first step?

R

Ris

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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.
 
When do you plan on selling your home? Applying really depends on the timing of both transactions. If you're happy with your current lender, why not arrange an appointment with your branchs' mortgage advisor and he will run through your options. If not, I would approach a broker to do the work for you. Jonathan
 
Hi Jonathan
My home is currently on the market so if I manage to sell it before the new house is ready I plan to rent for a while.
 
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