TRADING UP

You have decided that it is time for a change, and time for you to take the next step on the property ladder. Whether it is trading up, or trading down, or simply moving locations, ZINC Financial is here to help.

We can assist you with all your requirements, and take one of the worries away by taking care of your financial requirements. You can focus on the more important things in life, like what colour to paint the walls of the new house.

So why not take the first step and pick up the phone and call ZINC Financial on 1890 570 570.

How Much Will My Repayments Be?

Mortgage repayments are dendent on the following three items:

  • Size of Mortgage
  • Term of Mortgage
  • Interest Rate 
  • Our Mortgage Repayment Calculator will let you know exactly what your monthly repayments will be.

What Should I do First - Find a New Home or Find a Mortgage?

You are better off to find out exactly what size of mortgage you are eligible for before deciding on a property. This will establish the budget you have to spend on a new house, how much the monthly repayments will be, and if there are any other costs involved. Once you have mortgage approval, then you are in a strong position to go house hunting. 

 

If you have found that house, and don't have mortgage approval yet, then call us as soon as you can, and we can get the ball rolling on arranging that mortgage. One thing we would advise, and that is not to make an offer, or put a deposit down, until you have your mortgage approval.

 

What Type of Mortgage is Right for Me?

You are trading up to a new house, so depending on your new purchase, and the equity being released from your old house, you can discuss the full range of options out there with our experienced mortgage advisors. One key thing to remember is the lower the size of your mortgage to the value of your house will mean the the lower your interest rate.

 

Do I Have to Pay Stamp Duty on the Property I am Trading Up To?

Unless your purchase is a new property under 125 sq mtrs, you will be liable to pay stamp duty on the purchase price of the property. The following table outlines the stamp duty payable for both owner occupiers and investors:

 

Property Value Rate
Up to €125,000 Exempt
Next €875,000 7%
Balance 9%

What Documentation do I need?

Mortgage lenders demand alot of information so please bring along the following documentation to your first mortgage meeting. This will speed up the entire mortgage process.

  • Passport
  • Proof of Address (original utility bill x 2)
  • Bank Statements (last 6 months)
  • Mortgage Statements (last 12 months)
  • Payslips (last 3 months)
  • Loan Account Statements (if applicable)
  • Evidence of Savings/Balance of Funds (Sale contract/recent valuation)

What Additional Costs are Involved in Trading Up?

There are a number of additional costs involved in Trading Up and they can be listed as follows:

  • Valuation Fees 
  • Solicitor Fees 
  • House Insurance
  • Life Cover - this is compulsory for all private dwelling homes, with simple life cover starting from about .25% of the value of the property per annum. Your existing life policy may be extended and increased to cover the new mortgage. 

Warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may loose your home
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.