Hi All,
Would love to get some advice on the following situation from any mortgage experts, apologies for the long post!
The problem I have is that the sale of my current house is unlikely to go through until mid June so I will need to close the purchase of my new house before the sale of the existing one goes through.
The question I have (finally!) is - Can I draw down the Mortgage with Bank B on a variable rate to close the sale of my new home on May 24th and then upon the sale of my existing house (mid June) - transfer the Mortgage from Bank A plus the top up to my new home and effectively use it to clear the mortgage with Bank B?
Is this even possible??
Thanks in advance!
Would love to get some advice on the following situation from any mortgage experts, apologies for the long post!
- I have recently bought a new house for €500K and am in the process of selling my current house for €300K.
- I have paid a non refundable deposit of €50K on the new house and it is almost ready for completion (May 24th).
- I have an outstanding tracker mortgage balance of €150K with Bank A on my current home which I want to transfer to my new home and top up with an additional €100K. All of this has been agreed with Bank A and the loan offer is ready (although they are adding 1% to the tracker rate).
- I was previously weighing up the idea of keeping my current home so I also got full loan approval from another institution - Bank B for a €400K mortgage on the new home.
The problem I have is that the sale of my current house is unlikely to go through until mid June so I will need to close the purchase of my new house before the sale of the existing one goes through.
The question I have (finally!) is - Can I draw down the Mortgage with Bank B on a variable rate to close the sale of my new home on May 24th and then upon the sale of my existing house (mid June) - transfer the Mortgage from Bank A plus the top up to my new home and effectively use it to clear the mortgage with Bank B?
Is this even possible??
Thanks in advance!