Brendan Burgess
Founder
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Interesting question here:
Trading up. Plenty of equity. Do I still need 20% if I have not sold my existing house?
In summary, they have a house worth €230k with a mortgage of €40k, so they have €190k in equity.
They want to buy a house for €300k.
Then they will sell their own house.
The rules would require that they have €60k cash. But I presume that the lender would be happy to give them a €340k mortgage secured on both houses, pending sale of the first?
This is one of the cases which can be catered for by the 15% exceptions to LTV.
Brendan
Trading up. Plenty of equity. Do I still need 20% if I have not sold my existing house?
In summary, they have a house worth €230k with a mortgage of €40k, so they have €190k in equity.
They want to buy a house for €300k.
Then they will sell their own house.
The rules would require that they have €60k cash. But I presume that the lender would be happy to give them a €340k mortgage secured on both houses, pending sale of the first?
This is one of the cases which can be catered for by the 15% exceptions to LTV.
Brendan