How does trading up work?
Current property |
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Value of current property | €180,000 |
Amount you still owe | €245,000 |
Negative equity | €65,000 |
Current loan-to-value ratio | 136% |
New property |
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Price of new property | €350,000 |
New mortgage (90%) | €315,000 |
Negative equity carried forward | €65,000 |
New mortgage needed | €380,000 |
New loan-to-value ratio | 109% |
The lender is Bank of Ireland Mortgage Bank u.c. or Bank of Ireland. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €613.16 per month at 4.15% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Tailte Éireann. The total amount you pay is €147,482.50. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4 times gross annual income for first-time buyers) and 90% of the property value. A 1% interest rate rise would increase monthly repayments by €53.89 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only. The mortgage will be subject to assessment of suitability and affordability. APRC calculations are based on the cost per month on a €100,000 mortgage over 20 years.