Home Movers / Second Time Buyers.
Under Central bank rules home movers and second time buyers can only borrow 90% of the purchase price. You can avail of an exemption to this rule , contact us for more details.
In addition if you have a current property and it is in negative equity and you sell this property you can still borrow 90% of the purchase price of the new property and carry over the negative equity. See the example below
Your current property is worth €200,000 and you owe €225,000. ( €25,000 negative equity) . You wish to purchase a new property for €300,000
You sell your current property.
You get a mortgage of €270,000 for your new home 90% of purchase price and carry over the €25,000 to cover the loss on the sale of your old property so your new combined mortgage is €305,000.
Why use EDUC Mortgages?
At EDUC Mortgages we offer free advice. We charge no fees.You pay the same interest rate dealing with EDUC Mortgages as you do if you approach the provider directly.
We take the leg work and stress out of applying for a mortgage.
We have access to the following Bank’s
Bank of Ireland
Haven mortgage ( Broker arm of A.I.B.)
By applying to EDUC Mortgages you have access to all of the providers above. One application form, one meeting and you are guaranteed the best rates from the lenders we are authorised to advice on.