Buy now pay later mortgage

Dragon_Mummy

I'm 41 my hubby is 39. Due to overpaying on the mortgage we now only have around £9000 left to pay. He'll be getting about £12k from an inheritance in the next few months and the year after next will be getting around £16k from a policy that will be maturing. We were planning on selling our house the year after next and getting somewhere bigger, maybe taking out a mortgage of around £30k. Our house is worth around £100k.
There is a house on the market now that we'd love to buy and I was wondering if it would be possible to take out a mortgage on the house (£160k) on a 'buy now pay later' basis?
I don't know if its possible to do this but I thought maybe we could buy the house, do it up and move in, then sell ours, put the £100k off the next mortgage, then pay off the £12k and £16k as they come in. We cant afford 2 mortgages at the same time but if we had a few months breathing space we'd sell ours as its in a really good area and houses around here dont come up for sale that often.

Dave_the_Ginger_Cat

Sorry, if you have two mortgages in place at any one time, you need to be able to afford both of them.

Afraid you'll just have to wait or sell yours now

getmore4less

We cant afford 2 mortgages at the same time

Sell yours and buy the new one.

Do it up while living in it or rent somewhere or get a caravan in the garden.

NUMBERS

Outgoing
New cost £160k
Do it up costs ????
buying and seling costs ????
TOTAL £160k + £??

Incoming
equity £91k
inheritace £12k
policy £16k
new mortgage £30k
Total £149k

Don't add up.

If you want to overlap you need to find £160k.