PetrolHead
Registered User
- Messages
- 300
Do you have a tracker mortgage or not?
No - not a tracker. Actually not long since we renegotiated so I'm in the fixed period of a variable mortgage.
Even if you were to get mortgage approval, it would be very difficult to choreograph.
1) You would have to get an offer accepted on the new house despite not being in a position to buy it.
2) You would have to go sale agreed on your own house very quickly.
3) You would have to actually close the sale of your own house before buying the other.
You could easily fall between the gaps on this one.
Brendan
Taking the €50k equity and €30k deposit you have, you would need a mortgage of at least €210,000 to be able to buy. That's ignoring the various fees you would need up front- estate agent, legal fees, stamp duty - for selling and buying which could be anywhere from €10 - 15k.
To qualify for a mortgage of €210,000 you would need a gross income of least €60,000 / year to be within the 3.5 loan to income limits. So based on your current income you are unlikely to qualify. The bank would also take into account your dependents (wife and 2 kids) on your ability to repay which would likely mean you would not get the full 3.5 income.
Based on those figures I don't think you will get mortgage approval I'm sorry to say.
However, is this not the situation for anyone moving house?
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