Hi there,
Planning on putting house up for sale around may/June next year.
Husband working full time and will be in probationary period untill June. Earning e35000. I work part time, 20000 a year. 2 children. Have just started in job after 4 year degree.
In current house 5 years, bought on an affordable housing scheme 19% below then market price. Currently owe around 88,000 on mortgage. Houses in area currently selling between 400,000-600,000. Our house would be considerably larger than most in area. Area is in high demand (Dublin 8).
Here is the dilemma.. as I've just finished college, we have no savings. Our plan is to sell house, pay back mortgage and claw back. Luckily we are able to move in with my parents while we are in-between houses.
Is it possible to use the proceeds of house sale as deposit to obtain another mortgage? Will only require around 100,000. Realistically we cannot save till after Christmas where we will be able to save 600 p/m.
Going on minimum house selling prices in area, we would have ~236,000 left. Would be looking to buy another house in around 330000-350000 price range.
Would the lack of monthly savings stop us getting a mortgage considering we'd have ~236000?
TIA
Planning on putting house up for sale around may/June next year.
Husband working full time and will be in probationary period untill June. Earning e35000. I work part time, 20000 a year. 2 children. Have just started in job after 4 year degree.
In current house 5 years, bought on an affordable housing scheme 19% below then market price. Currently owe around 88,000 on mortgage. Houses in area currently selling between 400,000-600,000. Our house would be considerably larger than most in area. Area is in high demand (Dublin 8).
Here is the dilemma.. as I've just finished college, we have no savings. Our plan is to sell house, pay back mortgage and claw back. Luckily we are able to move in with my parents while we are in-between houses.
Is it possible to use the proceeds of house sale as deposit to obtain another mortgage? Will only require around 100,000. Realistically we cannot save till after Christmas where we will be able to save 600 p/m.
Going on minimum house selling prices in area, we would have ~236,000 left. Would be looking to buy another house in around 330000-350000 price range.
Would the lack of monthly savings stop us getting a mortgage considering we'd have ~236000?
TIA