Hi,
**Assume the houses ACTUALLY sell at these prices**
Joey and Jenny Jinglebottom(married couple) looking to upgrade to more suitable family home as Jenny is up the duff. Reality is that detached 3/4beds in area are 300k - 340k. Feel they need to use large deposit to get repayments down to non-strangulation level
(Home)3bed semi-d bought 06 for 192500. Selling for 210000. Mortgage balance is 180k.
=> 26k
Savings of 30k for deposit if needed
=> 56k for deposit.
Joey has rental property bought back in 03 for 194000.
If he remortgages for 80%, he can raise €17000
If he sells for 200k, €53000 would be available.
Joey is worried that his pension might be in tatters in 35/40 years time and ideally would like to have the rental property in the years to come as some sort of security. Its covers itself financially. Is Joey nuts? Or should Joey sell?
Note: cos of the bambino, couple are down to 1 income for a while (50k) so they aren't even sure if bank will loan to them but thats another story.......
SO the question is, if you were Joey and Jenny, what would you do? I dont think they could afford a mortgage size any greater than 240k
**Assume the houses ACTUALLY sell at these prices**
Joey and Jenny Jinglebottom(married couple) looking to upgrade to more suitable family home as Jenny is up the duff. Reality is that detached 3/4beds in area are 300k - 340k. Feel they need to use large deposit to get repayments down to non-strangulation level
(Home)3bed semi-d bought 06 for 192500. Selling for 210000. Mortgage balance is 180k.
=> 26k
Savings of 30k for deposit if needed
=> 56k for deposit.
Joey has rental property bought back in 03 for 194000.
If he remortgages for 80%, he can raise €17000
If he sells for 200k, €53000 would be available.
Joey is worried that his pension might be in tatters in 35/40 years time and ideally would like to have the rental property in the years to come as some sort of security. Its covers itself financially. Is Joey nuts? Or should Joey sell?
Note: cos of the bambino, couple are down to 1 income for a while (50k) so they aren't even sure if bank will loan to them but thats another story.......
SO the question is, if you were Joey and Jenny, what would you do? I dont think they could afford a mortgage size any greater than 240k
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