Moving home Mortgage Question

K

KC1981

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Hi all, some advice appreciated…
We are ready to move house, currently have a 1.1% + ECB tracker with BOI and have 153K left on the mortgage. House is worth about 210K minimum in current market

We want to move from the city to the country and have found a house we really like that is on the market for 290K, trends in the area would suggest that we would get it for approx 280K

I overpay the current mortgage by €150 a month (I pay €865 and actual is €715)
We have a couple of grand in savings and have shown we can save €1000 a month

Combined salary for myself and my husband is €170,000, not including bonus

We do have €855 a month in a loan repayment (house renovation) that will stay in place, we’ve cleared credit cards and don’t have bad debt

We have AIP from AIB for €240,000 but not sure that is worth anything until we have all the documents reviewed by AIB and a more concrete loan offer

We also have a mortgage advisor who is managing the mortgage applications so we are not just stuck with AIB

My question is, what do we need in place to put an offer on the new house and are there any watch outs with the new mortgage?

Thanks so much for any advice you can give
 
Would expect AIP to be far higher with your income but the loan will obviously go against you. Who is the loan with and what interest rate?
How saleable is your own property? You might need to consider putting that on the market ASAP as a lot of vendors won’t accept an offer unless you’re sale agreed on your own
 
luckystar said:
Would expect AIP to be far higher with your income but the loan will obviously go against you. Who is the loan with and what interest rate?
How saleable is your own property? You might need to consider putting that on the market ASAP as a lot of vendors won’t accept an offer unless you’re sale agreed on your own
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Thanks for the reply, the AIP was based on what we asked for and also considered the loan and my partner being 49

Our property is very saleable and will sell In a couple of weeks as it’s a sought after area, the house we are interested in is out in the country, exactly what we want but there has been very little interest so the overwhelming advice from estate agents is not to put ours up unless we have found a house, there is nowhere for us to go if we are under pressure to get out of our house when it’s sold
 
KC1981 said:
Thanks for the reply, the AIP was based on what we asked for and also considered the loan and my partner being 49

Our property is very saleable and will sell In a couple of weeks as it’s a sought after area, the house we are interested in is out in the country, exactly what we want but there has been very little interest so the overwhelming advice from estate agents is not to put ours up unless we have found a house, there is nowhere for us to go if we are under pressure to get out of our house when it’s sold
Click to expand...

I bought a house last year and any estate agent that I dealt with asked me about status of my own house and some even requested name of my real estate agents to confirm I was sale agreed (as in offer accepted)
Even if you go sale agreed, the process takes months, as buyer needs to get survey, valuation etc.
Im not sure which estate agents are giving you this advice but its contrary to my own experience, and I would expect to many others.
Also get higher AIP if you can to give some wiggle room. You wont have to draw it down if not needed.
 
dubdub123 said:
I bought a house last year and any estate agent that I dealt with asked me about status of my own house and some even requested name of my real estate agents to confirm I was sale agreed (as in offer accepted)
Even if you go sale agreed, the process takes months, as buyer needs to get survey, valuation etc.
Im not sure which estate agents are giving you this advice but its contrary to my own experience, and I would expect to many others.
Also get higher AIP if you can to give some wiggle room. You wont have to draw it down if not needed.
Click to expand...
Thanks for the advice, would you mind telling me what area you’re in? We are in Waterford and we have spoken to three estate agents when we have viewed houses and they all said that as our area is well known for selling quickly we didn’t need to have sale agreed on our house prior to offer? I think this may vary depending on part of the country though?
From what we have seen here though the best sequence may be loan offer, get our house on the market and sale agreed and then put in an offer on the house we want? We are just worried about being pushed to get out of our house if dates don’t line up
 
KC1981 said:
Thanks for the advice, would you mind telling me what area you’re in? We are in Waterford and we have spoken to three estate agents when we have viewed houses and they all said that as our area is well known for selling quickly we didn’t need to have sale agreed on our house prior to offer? I think this may vary depending on part of the country though?
From what we have seen here though the best sequence may be loan offer, get our house on the market and sale agreed and then put in an offer on the house we want? We are just worried about being pushed to get out of our house if dates don’t line up
Click to expand...

I was moving from west of ireland to dublin. Houses in dublin were selling within days last summer so that probably played a huge part in how they were taking offers as well. My own house had a bid on it which id accepted but not legally sale agreed, when I put bid on the house i ended up buying.
There was quite a few months from me accepting a bid on my own house to closing sale (i think 4 months).
I spoke to numerous EAs and they all enquired about where i was with sale process. They also asked if my buyers were in a chain. I kept it general enough "all good, just closing things out" rather than giving them exact detail.
Best of luck with your sale and purchase.
 
dubdub123 said:
I was moving from west of ireland to dublin. Houses in dublin were selling within days last summer so that probably played a huge part in how they were taking offers as well. My own house had a bid on it which id accepted but not legally sale agreed, when I put bid on the house i ended up buying.
There was quite a few months from me accepting a bid on my own house to closing sale (i think 4 months).
I spoke to numerous EAs and they all enquired about where i was with sale process. They also asked if my buyers were in a chain. I kept it general enough "all good, just closing things out" rather than giving them exact detail.
Best of luck with your sale and purchase.
Click to expand...
That’s really useful thank you - we are going to get ours on the market ASAP and go from there, trying to get timings right is a bit of a minefield!
 
KC1981 said:
That’s really useful thank you - we are going to get ours on the market ASAP and go from there, trying to get timings right is a bit of a minefield!
Click to expand...
can I ask please KC1981 - will the monies from your current house sale be the 20% deposit on your next house purchase?
 
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