mortgage or short term loan

sjc1145

Hi - We're looking to downsize ourhouse. We are currently mortgage free but if we have to wait to sell our house, we could lose one that we've seen.
Is it better to get a mortgage and pay it off when our house sells or a short term loan from a bank and then pay that off?
Our house is valued at £320 000 and we are looking in the £250 - £280 000 bracket.
We haven't actually seen the house we want yet, but want to have the option of making an offer when we do find it!
All advice very welcome!!

dimbo61

Hopefully the housing market will pick up this summer but if you want to see what your home is worth in todays market get a few estate agents round and get it valued and see what there charges are ( ask for a discount !!)
Then put it on the market after paying for a home information pack !
Sell first you dont want a £250,000 mortgage or bridging loan if you dont need to.
You can always move into rented for 6/12 months while you find your dream home.
Consider you age would a ground floor flat or a bungalow suit your needs.
Stamp duty jumps from 1% under £250,000 to 3% over £250,000 so you will pay over £8,000 in stamp duty alone if you go over £250k on your next home!!! GOOD LUCK

geoffky

I feel its going to take years for the housing market to pick up...
we have just had the biggest BOOM in history and i am sure it is not going to be followed by the shortest bust as only 30% of the money available for mortgages in 2007 is available...The other 70% was from abroad and will not return.. for a generation..if ever..