The moving process
The first thing to do when considering moving is to establish how
much you can borrow so that you can effectively determine what your upper range
is and focus your search on those properties that are within your budget. You can
use our site to determine this and obtain approval in principle for a loan.
You should also consider if you are willing to buy your new home in
advance of selling your existing property or if you prefer to have sold your house
in advance of making a commitment to buy. Your decision in this regard will be determined
by market conditions and your own personal circumstances and objectives. If you
want to buy before you sell, you may need to use bridging finance (see below).
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What to do when moving
In many respects, moving house is like buying for the first time,
but there are more things to do since you are making two transactions (buying and
selling) instead of one. You still need to appoint a solicitor, but you may be able
to strike a deal for him or her to advise on both the sale of your existing home
and the purchase of your new one. As mentioned above, you should have finance in
place and can seek approval in principle for the amount that you require.
One of the most important decisions to make, apart from finance, is to decide who
will sell your existing property for you. Our sister company, Douglas Newman Good, has 75 branches
across the country and in-depth local knowledge in each of them. Click here for
to make contact with your local branch who can advise you on sales strategy.
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What is bridging finance?
Bridging finance is a temporary finance facility that allows you
to borrow money to cover a temporary shortfall. If you buy a new house in advance
of selling your existing house, you will typically need bridging finance as you
will have to finance two houses. Closed bridging is where you have sold your existing
house (i.e. contracts have been signed), but the sale has not been completed. Open
bridging is where you have not signed contracts for the sale of your existing house.
Note that bridging, especially open bridging, can be expensive, with interest rates
typically several percentage points above the norm for mortgage loans.
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Looking for a property?
If you are looking for a property in the Republic of Ireland, try
searching with the help of our sister website,
www.dng.ie. Douglas Newman Good is the largest seller of residential property
in the Greater Dublin area and has significant market share nationally, with its
75 branches located throughout the state.
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For more information on all options available to you, contact one of our mortgage advisors today on 1890 462 462