{"id":2363,"date":"2017-04-27T12:30:16","date_gmt":"2017-04-27T12:30:16","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=2363"},"modified":"2023-01-05T11:38:57","modified_gmt":"2023-01-05T11:38:57","slug":"trading-up-or-trading-down","status":"publish","type":"page","link":"https:\/\/ccpc.inventise.ie\/consumers\/money\/mortgages\/changing-your-mortgage\/trading-up-or-trading-down\/","title":{"rendered":"Trading up or trading down"},"content":{"rendered":"<p>If you are trading up or trading down take a look at our\u00a0<a href=\"https:\/\/ccpc.inventise.ie\/consumers\/housing\/buying-home-step-by-step-guide\">buying a home<\/a>\u00a0page. Our buying a home guide has\u00a0lots of information to help you, from when you begin to start thinking about buying somewhere new, right up to when you get the keys.<\/p>\n<p>If you are trading up or down check that your original <a href=\"https:\/\/ccpc.inventise.ie\/consumers\/money\/mortgages\/mortgage-protection-insurance\/\">mortgage protection policy<\/a> covers the mortgage. If not and your circumstances have changed e.g. health and age, you may find it difficult to source a new policy or it may be more expensive. If you are part of a group mortgage protection policy with one bank this cannot be transferred to another bank.<\/p>\n<h3>Central Bank mortgage rules<\/h3>\n<p>You will also need to be aware of the Central Bank mortgage rules which specify limits for loan-to-value (LTV) and loan-to-income (LTI) measurements for <span class='tooltipsall tooltip_post_id_custom_a716b3e27fe764e46def7f2185241bde classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>primary-dwelling houses<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_a716b3e27fe764e46def7f2185241bde','The private home in which a person lives alone or with their family\\. This could be a house, apartment, building, or group of buildings occupied as a place of residence\\.'); });<\/script>.<\/p>\n<p><strong>LTI:\u00a0<\/strong>A limit of 3.5 times gross annual income applies to all new lending for PDH purposes for second and subsequent buyers.<\/p>\n<p><strong>LTV:<\/strong> For second and subsequent buyers of PDHs a limit of 90% LTV applies on new mortgage lending. For example, if you can afford to buy a house worth \u20ac200,000 your lender may lend up to \u20ac180,000. You will have to fund the remaining \u20ac20,000 yourself. The LTV limits do not apply to borrowers in negative equity applying for a mortgage for a new property. For more information visit the <a href=\"https:\/\/www.centralbank.ie\/financial-system\/financial-stability\/macro-prudential-policy\/mortgage-measures\">Central Bank<\/a>\u00a0website.<\/p>\n<p>Even if you have met the specified LTV or LTI, it is still up to the lender to make their own decision on lending to you. It is their\u00a0responsibility to assess affordability and lend prudently on a case-by-case basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Take a look at our information for if you are trading up or trading down.<\/p>\n","protected":false},"author":111,"featured_media":0,"parent":2018,"menu_order":96,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[18,8,17],"class_list":["post-2363","page","type-page","status-publish","hentry","tag-housing","tag-money","tag-mortgages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trading up or trading down - CCPC Consumers<\/title>\n<meta name=\"description\" content=\"Find out what to consider if you are thinking of trading up or trading down your home, including information on Central Bank mortgage rules.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trading up or trading down - 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