Hi there, Our dream home has come on the market & we are hoping to try & make an offer. The problem is we would have to sell our property & get a loan to afford the new home. We are both early fifties but have no mortgage on our current home. Our current home is valued approx 300,000 in a sought after area & should sell easily. The new home is looking for offers of 420,000 but could make possibly 480,000 as its also in a good area. We don't have a huge amount of savings roughly 30K in credit unions & 50K in prize bonds that we could cash in. My partner also has 10K savings & access to a work pension that can be cashed next January worth approx 25K. Would we be able to make the figures work to make an offer taking into account the fees etc & getting a mortgage for the new home at our age. We would need to have mortgage approval & make offer before selling current home. Appreciate any feedback....
Mortgage or bridging?
- Thread starter Mad Boy
- Start date
Brendan Burgess
Founder
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So you have €90k now and €115k in January.
If you buy a house for €480k , you will need a mortgage of €400k.
If you have a combined income of at least €115k , you might get a mortgage. They would have to look at the number of years left on the mortgage.
So I assume you would not qualify for a mortgage. But the best thing to do is to ask your own bank who might facilitate you. But it's risky buying without selling your own.
Banks don't do bridging anymore in Ireland.
It's unlikely that the seller of the house will accept bids from people who need to sell their own house.
But it's hard to know. There are reports of there being fewer buyers in the market right now. So if your house sells quickly and the other is slow to sell, then you might be lucky.
Contact the estate agent selling the other house and ask them to sell your house. They might try to coordinate both.
Brendan
If you buy a house for €480k , you will need a mortgage of €400k.
If you have a combined income of at least €115k , you might get a mortgage. They would have to look at the number of years left on the mortgage.
So I assume you would not qualify for a mortgage. But the best thing to do is to ask your own bank who might facilitate you. But it's risky buying without selling your own.
Banks don't do bridging anymore in Ireland.
It's unlikely that the seller of the house will accept bids from people who need to sell their own house.
But it's hard to know. There are reports of there being fewer buyers in the market right now. So if your house sells quickly and the other is slow to sell, then you might be lucky.
Contact the estate agent selling the other house and ask them to sell your house. They might try to coordinate both.
Brendan