Second Time Buyers – Trading up or moving on?
Second Time Buyers have been through the mortgage process before and you know it can get complicated and time-consuming.
In recent years, the market has changed and the amount of options has increased significantly. The Central Bank’s new rules also have an impact on much you can potentially borrow. As a mortgage broker with no ties to any one bank or lender, we’ll work for you and help you take that next step on the property ladder.
Mortgage brokers have called on the Central Bank to tweak the mortgage lending rules in favour of second-time buyers.
The Association of Irish Mortgage Advisors (AIMA) said while the rules have encouraged more prudence in borrowers and lenders, they unfairly penalize families who bought during the boom and now are struggling to find the 20 per cent deposit needed to move to bigger properties. Check out this Irish Times article to learn more about this.
Key information for Home Movers
- Negative equity customers must contribute a minimum of a 10% deposit of the purchase price towards the purchase of the new property.
- Positive equity customers must contribute a minimum of a 20% deposit of the purchase price towards the purchase of the new property.
- All associated fees (such as legal and auctioneer fees, and stamp duty etc.) must come from your own funds.
At Mortgage Buddy, we’re here to get you the best deal possible and make the process as easy as possible for you. Use our mortgage calculator and see how much you qualify for now!