between selling and buying - what options are available?

hamblettamaud

to put it briefly.

my property is on the market for £140,000.

there is a property on the market for £140,000 which i would offer today if i could.

however, until my own property sells i am sort of stuck.

are there any options available? i don't want to miss out on the new property ... is there anything creative i can do?

(i presume not, but am open to any and all thoughts.)

Caz3121

it will depend on the LTV of your current property and the amount of deposit you have for the new place and your income.

Graham1979

My father had a similar situation and got some good advice from a financial advisor to look at a BTL mortgage in the first instance.

His position was that he had his flat on the market for c£225k and was looking at buying a new build flat as a retirement home for c£165k, but he found himself needing to finance the purchase before the sale had completed.

As he is retired provable income was an issue on any mortgage application for owner occupancy, but the advice was to look at getting a BTL mortgage for the new flat as the bank would view the potential rental income as sufficient cover for the mortgage repayments. He could then pay off the mortgage in full when the sale of his current flat went through.

This may not work for you but you could maybe look at doing something similar to this, buying the new place with a BTL mortgage with low/no early repayment fees, making the mortgage payments on both properties until your current one sells, and then once the sale has gone through you can re-mortgage the new place to the best available deal once your current property has sold.

hamblettamaud

thanks for this, graham. it may work ... i think i'll have to speak to a financial adviser to see if there's any way it can work in practice.

Doozergirl

Have you re-addressed your asking price? Just that it's been a while and you were incredibly confident about your property. If I remember you were planning to market the house without furniture? How did that go?

hamblettamaud

Doozergirl wrote: »

Have you re-addressed your asking price? Just that it's been a while and you were incredibly confident about your property. If I remember you were planning to market the house without furniture? How did that go?

Hi, Doozer. LOL I don't remember being incredibly confident, just confident that it was at a good price, even at today's values. I've since reduced the price by 20% because I'm only interested in getting rid of it seeing that I won't be living there. The house is fully furnished and they can have that for free if they want. TBH I'm not that bothered. Anyway, thanks for reply! :-)