We are considering trading up. We are in South Dublin and looking to move to a another location in the next year or so. But have a couple of questions...
Brief background:
Salaries: €130K combined
Current house value: €625k
Prospective new house value: €650K
Current Mortgage: €190K, 15 yrs
New Mortgage: €240K, 15 yrs (circa 25k extra to cover decorating and other costs, not interested in a property that requires extension etc.)
Savings: €25k (usually when we have had a surplus over this we pay into AVC's).
My questions are:
Brief background:
Salaries: €130K combined
Current house value: €625k
Prospective new house value: €650K
Current Mortgage: €190K, 15 yrs
New Mortgage: €240K, 15 yrs (circa 25k extra to cover decorating and other costs, not interested in a property that requires extension etc.)
Savings: €25k (usually when we have had a surplus over this we pay into AVC's).
My questions are:
- Is it viable to purchase a house in our area via a chain and closing the same day?
- When it comes to the conveyancing, on signing of contracts would we need 10% hard cash for the deposit? (not to be confused with mortgage related deposit). It could be some years before we can save for that? Would a figure like €30K suffice at this point?