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Buying Before Sold Existing House
fatlatch_2
Posts: 3 Newbie
Hi, thanks for looking.
I have a house which has been on the market for 6 weeks with a £100k mortgage on it, have not sold yet but would expect to get about 300k for it in time. However we have committed the cardinal sin of falling in love with another house, which is 325k.
I have spoken to L&C brokers and I could prob get a mortgage for the other, but would have to remortgage a mortgage free flat I own, to raise an 81k deposit. This would leave me with three mortgages, totalling 2100. Deducting the flat income would still leave £1600 to find a month, which is affordable but daunting.
My question is whether there is another way to do it without having to remortgage the flat?
Thanks in advance for any replies.
I have a house which has been on the market for 6 weeks with a £100k mortgage on it, have not sold yet but would expect to get about 300k for it in time. However we have committed the cardinal sin of falling in love with another house, which is 325k.
I have spoken to L&C brokers and I could prob get a mortgage for the other, but would have to remortgage a mortgage free flat I own, to raise an 81k deposit. This would leave me with three mortgages, totalling 2100. Deducting the flat income would still leave £1600 to find a month, which is affordable but daunting.
My question is whether there is another way to do it without having to remortgage the flat?
Thanks in advance for any replies.
0
Comments
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Far too much risk.....to many ifs...average selling time for my area is 292 days..whats yours? if you don't know i suggest you do some more homework..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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