Home Mover Mortgages
Trading up? Downsizing? Moving home? Let us guide you through the entire process from start to finish.
The Best Rates On The Market
Find the best mortgage for your move.
For second and subsequent buyers, the mortgage process is much the same as it is for first-time buyers. As of October 2022, second time and subsequent buyers are now allowed a maximum loan to value of 90% meaning you are only required to provide a deposit of 10% (instead of the previous 20%).
Questions to ask yourself:
How much do you need to save for your deposit?
Can you avail of any exemptions?
What impact does negativity equity have on getting another mortgage?
Are you planning to keep your existing property or sell?
Can you rent out your second property, is it feasible?
Our experienced mortgage advisors are here to help you assess your current financial situation and your current mortgage, along with your short term and long term goals, to determine what your options are and how to get the best mortgage possible.
Rules For Borrowing
How much can I borrow?
The amount you can borrow is based on a number of criteria as follows:
- Employment
- Salary
- Children
- Other loans you may have
- Repayment capacity
You should be in a permanent employment and not be on probation, exceptions can be made e.g. for doctors who would be on contracts in different hospitals.
The amount you can borrow is 3.5 times your salary for second and subsequent buyers, with deductions taken if you have other financial obligations like child support, dependant children, loans, credit card or if you have a partner who is not working.
Before you apply for a mortgage you should insure that your bank statements are in order. Sometimes you need to put a 6-month plan into place before you apply for the mortgage. This plan should include:
Good money management across all active current and savings accounts.
No missed direct debits or standing orders.
Controlled use of your credit card and ensure a monthly direct debit for minimum payment is set up.
What are the additional costs of purchasing a property?
So lets assume you are purchasing a property for €200,000 you will need the following:
| 10% Deposit | €20,000 |
| 1% Stamp duty | €2,000 |
| Legal Fees | €2,000 |
| Total Needed | €24,000 |
Mortgage Do’s and Don’ts
Do:
Save regularly
Clear your credit card
Ensure that if you are paying rent that the rent is paid by direct debit from your bank account to the landlord
If you are living at home and paying parents rent you should also pay this into your parent’s bank account
If you are saving, make sure that the savings are put in on a regular basis. (i.e. weekly or monthly)
Do Not:
Miss any existing loan payments
Miss direct debit payments
Withdraw money from your savings account(s)
Withdraw cash using your credit card
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Who We Work With
At EDUC Mortgages, we have access to all of the major lenders in Ireland so we can get you the best rate available on the market.
Start The Home Mover Mortgage Process Today
Our mission is to empower people like you to achieve their homeownership goals with confidence and ease. We understand the unique financial challenges and opportunities you face, and it is our purpose to be your trusted partner every step of the way.
So let’s get started!