We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Any ideas how to buy before we sell?
Scruffy_Moll
Posts: 6 Forumite
Currently selling our property for £250,000 and fingers crossed there should be £200,000 left after paying mortgage off. Now the dilemma is this - We have seen the house we would like which would enable us to be mortgage free BUT anyone know any options open to us to enable us to buy before we sell our own?
Really like this particular house and it is close to our kids schools and my work and at £175,000 we may have some money left to get it how we want.
Any one please help as we are desparate to buy this house.
Many thanks for any advice.
Really like this particular house and it is close to our kids schools and my work and at £175,000 we may have some money left to get it how we want.
Any one please help as we are desparate to buy this house.
Many thanks for any advice.
0
Comments
-
have you thought about mortgaging your own home to pay for the property then paying it off? maybe expensive to borrow and pay it off quickly but may secure that home for you.
rich0 -
Thanks Rich, the mortgage repayments would probably be a shock having been used to repayments on a £50,000 mortgage but it does sound like our only option! A bit scarey waiting to sell our propery in the meantime but I suppose risks have to be taken to get what you want.0
-
spunkeyrich wrote:have you thought about mortgaging your own home to pay for the property then paying it off? maybe expensive to borrow and pay it off quickly but may secure that home for you.
rich
What if there house does not sell?
OP. Can you afford to pay that mortgage if your house takes a year to sell?0 -
You could always do a let to buy, that means retaining the property and renting it out, and the surplus of the rental payment after the mortgage is paid goes towards your affordability calculatoins for the next house. Your only problem then is how to find a deposit on the new place, so it may be unsuitable if you dont have savings.
The only way to work out whats best for you to do is to take independent mortgage advice from a whole of market broker.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the advice, think we will just have to sit tight and hope that we sell our property soon, I dont think I would sleep at night taking the risks by borrowing - as was rightly said - no one knows if we will sell our house ! Just have to do the Lottery.!!!!0
-
Have you talked to a bank about bridging finance? My father in law looked at this once but I can't recall how he got on.:beer: CRAZY NUTTER CLUB OFFICIAL MEMBER:beer:
:beer:No.1066:beer:MURPHY'S NO MORE PIES CLUB MEMBER NO.170 -
bridging finance can be a very costly way of doing things and is not suited to everyoneI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards