Do I have any other options??

GAILEY

Hi, I'd love your opinions please, as I am a bit green really.

I have a 10 year fix at 4.99% (yes...10year:() with brittannia - I have been overpaying as much as I am allowed without penalty - and was looking forward to being mortgage free in May 2014
but
have identified a property that might be an ideal final home, so am being tempted to stray away from the mortgage free path. My dilema is that as I was not expecting to be moving (and indeed was on the final straight) my house isnt even on the market.
I posted earlier on the housebuying section and fellow moneysavers seem to agree I am not in the best of positions (although I will get some estate agents round).
I hope our move will actually be to a house that isn't too far away from the value of our own home (although I am guessing valuewise), but I am just considering all the options and thinking - IF it is the dream house for us and If I wanted to make an offer - is the only way to go to then put my house on the market and wait - or is what used to be bridging finance still about? If it is, is it a bad idea?
Is there any other way that I could manoevre if necessary??
Ideas on a postcard most welcome!!
Thanks in advance:)

GAILEY

oh - should have also put that my mortgage with britannia is portable

Senior_Paper_Monitor

Bridging finance is available (subject to criteria) but it is still not cheap and there is a danger of being 'locked in', in the event of a sale not being forthcoming.

There may be some other options possible depending on your overall personal amd financial circumstances - and the details of the two properties and your current mortgage.

GAILEY

Thanks.

Sounds like bridging might be expensive and risky, so probably not for me.

What other options were you thinking about? I did ponder the possibility of renting out my current home - but presumably there would be tax/interest ramifications to this ? I really don't want to take on a great deal of financial risk - as nothing is certain is it...and I must admit to being a bit of a scaredy cat

Senior_Paper_Monitor

Expressing any worthwhile opinion on the options requires the full nackground details available - you need to approach a broker for this, not an internet forum.

GAILEY

Thanks - just pondering ideas at the moment though....

Thrugelmir

Try marketing yours to see if any interest materialises.

Nothing ventured nothing gained.

Senior_Paper_Monitor

I agree with Thrugelmir - setting yours up for sale (it costs nothing/very little) and testing response is sensible - properties tend to sell in days or months, not weeks.

When 'pondering ideas' is as good a time as any to talk to a broker - they will help you work out what is and isn't possible.

GAILEY

Thanks, that's really helpful - I guess I just didn't want to waste a brokers time whilst I was uncertain...and I am uncertain as to be honest this whole situation has taken me by suprise - as I had my little mortgage free period all planned before we saw this property advertised.
guess I should wait and see what happens too - it might not actually be the property for us...I do tend to think/worry ahead of myself at times - thanks again:)

GAILEY

And if I do need to go to a broker, is there a list somewhere where I can find someone who is independant and maybe pay a fee rather than them getting commisson??

Thrugelmir

bridging4u.co.uk wrote: »

We don't charge any upfront fee, unlike many other brokers who will do this, and then not come back to you with anything suitable. We only get paid when and if you accept a finance solution we propose for you.

Loans from £25,000 upwards and a flexible approach to underwriting we offer an outstanding Bridging Loan Service. With no postcode restrictions and no change in criteria based on location we are true nationwide lenders. Lending throughout ENGLAND, SCOTLAND AND WALES. With loans from £25,000 upwards and a flexible approach to underwriting, we offer an outstanding BRIDGING SERVICE, based on speed and direct access to the principle decision makers.

Check us out for a fast response at our username or PM me.

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