How much can I borrow trading up?

How much can I borrow trading up?

A trading up home buyer can borrow up to 80% of the value of a property .

Can you port a mortgage in Ireland?

If the property your client is moving to costs less than their existing property, they may want to borrow less than their existing mortgage. To do this, they can port their current rate and redeem part of their mortgage. ERCs will apply to the amount they redeem if they’re within their promotional period.

What happens if you have a mortgage and want to move?

The answer is your mortgage is secured on your current property. When you move your legal representative will pay off your current mortgage in full. You will need to start a new mortgage if you are buying a new property, and you still need to borrow to do so.

Can you transfer your mortgage from one house to another?

Porting your mortgage is when you transfer your existing mortgage deal to a different property. Technically speaking, your existing mortgage will be paid off with the proceeds when you sell your house, but you’d be moving onto a new one with the same lender, rates and terms.

Can I have 2 mortgages?

Rule #1 – You can have as many mortgages as you want! This comes as a surprise to most, but there’s no law stopping you from having multiple mortgages, though you might have trouble finding lenders willing to let you take on a new mortgage after the first few!

Can I get a second mortgage to buy another house?

Yes, you can use a home equity loan to buy another house. Using a home equity loan (also called a second mortgage) to purchase another home can eliminate or reduce a homeowner’s out-of-pocket expenses.