Minimum Mortgage Amount and Minimum Term

P

Puddin

Registered User
Messages
18
Hi All,

We are toying with the idea of selling up in Dublin and buying a house in Kildare.

We have approx €320,000 in equity and would be looking buying new house for around €350,000.

Allowing for savings and costs involved in selling buying we would probably only be looking for a €30K to €40K mortgage and looking to pay it off in a year or two years max,then being mortgage free.

Does anyone know if a bank will give a mortgage for such a small amount and a short tem of 2 years ?

Many Thanks.
 
You might be better off taking out the max mortgage offered from one of the banks offering cash back on a variable rate. Once you have the cash you can pay down the majority of the outstanding mortgage.

They may limit the amount offered due to the equity you have available, but should you get an 80% mortgage on the €350 property, you could pocket €5,600 in cash back rather than €6-800 on the lower amount.
 
i see now actually that minimum loan tends to be €25k and minimum term is 5 years.

I could just go variable and pay it off over 1 to 2 years.

Thanks
 
You must log in or register to reply here.
Back
Top