Buying without Selling

alex_weber

Hello all

I'm just after a bit of advice really. We currently have our house on the market with a relatively small mortgage. We've found a house that we love, have put an offer in which has been accepted...Hoorah!

But now the dreaded fear has started to kick in that we might lose it if we don't sell ours quickly (there's no upper chain you see).

Is there anyway we can buy new house without selling current house? I've tried to get some information from our current mortgage lender but they just said we would need a bridging loan, they don't do bridging loans, conversation closed.

I'm all confused. Does anyone have any ideas? I can provide more specific details if that helps.

Thanks

poppysarah

bridging loans = bad if you can't sell your house.

Sell yours quickly. Ask your friendly ea how you might do that. (price drop is the main one)

wodgerdodger

Think you'll find a bridging loan is not even an option as banks will not provide one where there is no closing date i.e open ended bridge. Normally would only consider if "closed" i.e there is a fixed date when funds would be available to pay off and this will only happen when you have a buyer and an exchange/completion date.

There may be an option available where you raise money on current property for sufficient deposit and arrange mortgage for balance on new property but would depend entirely on your ability to afford both mortgages and any other commitments. I suggest you see an independent mortgage broker who can advise without prejudice.

In reality selling your present home would be best option of all but on this market its all down to price.

delmar39

Simple answer is that you've just got to sell your place. The offer has been accepted (even though you haven't sold up) so you've got a bit of time on your side. Is the house you've offered on off the market? Get cracking with selling yours. We were in a similar position and had to sell, which we did within a month and a half of it going on the market. However, chain dragged it out and the whole process took 4 months from offer to completion. You can look at alternative funding streams, but my guess is you'll come back to the option of selling yours everytime. Hope it all works out for the best. Keep us posted. Like poppysarah says get on to a good EA and get them to sell it for you.