I found the house of my dreams before I've even put mine on the market

arealbasketcase

I really have found the house of my dreams and I don't need a mortgage to buy it. I wish I could say that's because I am loaded but no such luck. The house is on an estate (as in the landed gentry type not council) and is only available to rent, I don't have a problem with that, I am quite happy to rent it. My problem is that I have a mortgage at the moment on our "family" home. I won't bore you with whys and wherefores of the reasons for selling other than to say they aren't financial but I don't know that I/we can afford the rent and the mortgage as they stand.

My question is, does it make sense to approach the bank and ask them to change it to an interest only mortgage, never done this before, even though we have had two periods when we have been living and working abroad we have always maintained the repayment mortgage.

If someone out there is in the mood to help, I can give more financials.

It truly is a terrific house.

dimbo61

If you have a good LTV in your home and want to go on interest only while you sell the property then ring them and ask!
If you then rent this dream house and clear your home of MOST of your stuff it can be staged for selling.
find out what its worth in todays market and put it on the market

arealbasketcase

dimbo61 wrote: »

If you have a good LTV in your home and want to go on interest only while you sell the property then ring them and ask!
If you then rent this dream house and clear your home of MOST of your stuff it can be staged for selling.
find out what its worth in todays market and put it on the market

Thanks dimbo61, had an estate agent round and he reckons we probably have bucked the trend a little, the house we are selling isn't a bad house, it just isn't a home anymore. Probably because we have spent so little time here.

I thought about staging the house we would be selling, I'm sure it would sell more easily and for a better price if it looks lived in. The idea that I might be paying out the running costs for two houses for what, 12 months is a little frightenning, good job OH earns good money 'cos I'm skint.

I've made an offer for the rental at £105 a month less than the owners are asking, if my offer is accepted I'll ring the bank with my fingers crossed. OH is back in France so it will all get left to me to sort out, but this house is worth it, the views are to die for.