Advice needed on this scenario...

ferry

Hi all
Could anyone please advise us on how we would deal with this scenario.
We're looking to put our house on the market soon,but already have one eye on a property we quite like but the owners are moving abroad later in the year.
My concern is that we want to buy that house but would not yet have sold ours.Obviously we would not expect the vendors to put their lives on hold for us until we sell so what would we be able to do in this case?
Are there such things like 'bridging loans' still available and if so do they offer a solution and how do they work?

any advice appreciated as usual
Ferry & family

17Dave

Bridging loans are generally very expensive and should only really be considered if there is just a short delay between buying and selling (under 3 months I would suggest).
If you did get a bridging loan it would be like having 2 mortgages to pay can you afford it? Also if you do not have cash available for a deposit before you sell this can complicate things.

Jodyl

We did exactly that 18 months ago. We remortgaged the house we had not sold and then took a 2nd mortgage out (only a few lenders do this) , and this raised all the funds to buy the house we wanted to buy. So we had a whopping mortgage until we managed to sell. All worth it though. Hope you get sorted.