Kilconleagirl
Registered User
- Messages
- 30
Hi there,
Myself and my husband are looking to trade up, we have a combined income of 67k with two permanent jobs, no loans, credit card debt etc, no kids and mortgage approval for €210k, our existing home has a mortgage has 80k outstanding on it, as it is an affordable house, the council have made an offer to buy the property which would give us 65k left once mortgage and clawback is paid off, we also have 35k savings.
We have located a property which is in need of renovation, we would be willing to pay 170k max on it, but could cost 70k to renovate.
My query is would it be be possible for the bank to let us keep our existing house, give us the mortgage less the 20% deposit to renovate and buy the new house and hold off on the repayments until house is fully renovated, once renovated, we sell our existing house to the council and offset the proceeds of sale against the new mortgage and start paying for the new house.
Your advise is greatly appreciated
Myself and my husband are looking to trade up, we have a combined income of 67k with two permanent jobs, no loans, credit card debt etc, no kids and mortgage approval for €210k, our existing home has a mortgage has 80k outstanding on it, as it is an affordable house, the council have made an offer to buy the property which would give us 65k left once mortgage and clawback is paid off, we also have 35k savings.
We have located a property which is in need of renovation, we would be willing to pay 170k max on it, but could cost 70k to renovate.
My query is would it be be possible for the bank to let us keep our existing house, give us the mortgage less the 20% deposit to renovate and buy the new house and hold off on the repayments until house is fully renovated, once renovated, we sell our existing house to the council and offset the proceeds of sale against the new mortgage and start paying for the new house.
Your advise is greatly appreciated
