Advice for a pleb

Stan_Butler

I'm a complete novice when it comes to mortgages, so I'd be grateful for any advice on my situation.

My partner and I live in a property which we own outright (inherited from grandparents). It's worth around £160,000.

On the spur of the moment, we have decided to move to another part of the country. We have seen a house for £259,000 and will put in an offer shortly, meaning we will need a mortgage of around £100,000. This is a perfectly manageable amount for us.

The problem is that our current house isn't even on the market yet and will probably take a few months to sell. But we do not want to miss out on the house we have seen, as we both really like it.

This means that we might have to pay the full £259,000 mortgage on the new property until our current property sells, and I don't know whether we can afford to do this, even for just a few months.

I would like to know whether there is a way that we can pay a reduced mortgage on the new property for a short period, pending the sale of our house. Every penny that we receive from our house sale would then go to paying off part of the mortgage on the new property.

I would appreciate any advice, as I am a complete dunce on these things!

enchantica2

Firstly make sure you dont pay over £250k to avoid the extra stamp duty. Next talk to an independent mortgage advisor, they have access to all the options and should be able to help you here. There maybe a bridging loan option secured on your current house, interest can be hefty though but there have to be other options. You are a pretty safe borrower in the long term so you shouldnt have any troubles. Good luck & hope you get the place you want

bingibongi

If you cant afford it - dont do it !!!

Seriously - you dont know how long it will take for your property to sell or at what price it will sell. Why mortgage yourself up to the hilt by taking such risks ?

poppy10_2

You could get a bridging loan, but the interest rates are sky-high, and if you aren't able to sell your old home quickly you could end up paying through the nose.

Thrugelmir

As you are not in a proceedadable position. The vendor may not accept your offer. Preferring to keep the property on the market.

Put your existing house on the market at a realistic price and it should sell in a reasonable time frame.

Stan_Butler

Cheers, guys. All advice much appreciated.