Want to buy a new house, but....

toonfish

skippy64 wrote: »

I've just realised the link from Leon answers my question about Capital Gains, it just goes to show I wasn't paying attention !!!

there is still a potential liability from the time you move out but unless you take years to sell it shouldn't be an issue

Leon_W

You wouldn't necessarily need to sert cert skippy.

I don't know your income or outgoings but it is perfectly feasible for you to buy the new house on a 100% mortgage and just pay it down when you sell your old house. Income verification needed, but as I say dependent on your circumstances, entirely possible.

skippy64

I've been & had a good chat with local broker & I have got positive info about the best route to take so I'd like to thank those who put forward ideas in answer to my initial question. We are looking at doing a BTL on existing house for raising of extra deposit for the new property & getting best deal available for our new mortgage. Many thanks, Skippy

skippy64

Just as an update we have now got everything in place and fingers crossed it should run smoothly. We had to offer slightly more than £300K but we could re-adjust the monies received from the BTL on our current house to cover the extra required. Many thanks again for your thoughts & ideas on what we needed to do. :dance:

Leon_W

Well done !

I do love a story with a happy ending. :beer:

skippy64

Leon_W wrote: »

Well done !

I do love a story with a happy ending. :beer:

The happy ending is when its paid off in 300 months or less !!!! :beer: