We have over 30k in savings (approx 35k all-in). The mortgage on our current home is at 160k and judging by local market prices, we would get at least 240k for it. We are hoping to sell very soon.
Is there any way we would get a 20% mortgage for a 400k property with the above figures (incl equity) or will we need to wait until we have sold home to apply for mortgage?
Thanks for advice and apologies if it's a silly question!
Are you married, what age are you, have you children, do you work, what's your salary, is your job permanent and safe, etc, etc, etc? These and other matters will be significant in deciding if you get a mortgage or not.
Great. That's what I was looking for. We'll get mortgage approval and just have to close sale before drawing down? Does that often happen in the one day? Or am I being naive?
A little bit.
Its technically possible, but a nightmare to try close a sale & purchase the same day. Moving is stressful enough without trying to do it, especially with young children, so plan for time between sale & purchase.