I would like a steer on this issue and grateful for any suggestions:
My wife has a mortgage prior to our marriage which she purchased a 3 bed townhouse. We now live in this house which is no longer suitable for our needs but nevertheless it has many advantages. It is small therefore overheads are low and our mortgage is less then the market value of the house - (e.g. €120k V cmv €150k+). The cost of the house was €180k about 13 years ago.
I believe there are more attractive mortgage products on the market and I would like to switch and get a better value product. Any saving I make will be use to fund a new property - I would hope to leverage current property against our next home. My wife is currently a "stay at home mom" and our current income is about €65k gross
Overall goals are to:
* Move to a bigger new house in better location - therefore take on second Mortgage -our ages - 36/40 with 3 kids under 7.
My questions relate to the following areas?
- If I change mortgages - it will most likely be in my name as my wife doesn't have an income will this preclude me from taking on "HTB" scheme? - is this a sensible approach for possible short term gains but with longer term consequences
- Who is best to approach a mortgage advisor or straight to bank - KBC appear to be offering goods deals for one?
- What costs will I incur - what are the main factors I should consider?
My wife has a mortgage prior to our marriage which she purchased a 3 bed townhouse. We now live in this house which is no longer suitable for our needs but nevertheless it has many advantages. It is small therefore overheads are low and our mortgage is less then the market value of the house - (e.g. €120k V cmv €150k+). The cost of the house was €180k about 13 years ago.
I believe there are more attractive mortgage products on the market and I would like to switch and get a better value product. Any saving I make will be use to fund a new property - I would hope to leverage current property against our next home. My wife is currently a "stay at home mom" and our current income is about €65k gross
Overall goals are to:
* Move to a bigger new house in better location - therefore take on second Mortgage -our ages - 36/40 with 3 kids under 7.
My questions relate to the following areas?
- If I change mortgages - it will most likely be in my name as my wife doesn't have an income will this preclude me from taking on "HTB" scheme? - is this a sensible approach for possible short term gains but with longer term consequences
- Who is best to approach a mortgage advisor or straight to bank - KBC appear to be offering goods deals for one?
- What costs will I incur - what are the main factors I should consider?