Advice please - loan, mortgage or other?

Stevodudeo

Hi I'm looking for some advice please...

I’m a home owner living in Newcastle upon Tyne. I am looking to sell my property in Newcastle (currently valued at £150k) and buy a property in Northern Ireland and live there. I have found a property I want to buy NOW (listed for £120k) - how do I get the finance to do this whilst I wait for my Newcastle property to sell (which may take months) – a mortgage solution, a bridging loan? The plan is to pay off whatever I borrow as soon as I sell my Newcastle property (could be a couple of weeks, could be a couple of months)

Many thanks!

forgotmyname

Check the costs and compare them to just dropping the price in the property your selling.

No point in wasting thousands in interest is your property is overpriced and no buyers. Drop the price instead and sell it faster?

You need to sit down with a big jug of coffee and do all the figures, How much will a bridging loan cost you? What other options will your lender offer you?
Do you have enough equity and earn enough to get a 2nd mortgage?

Stevodudeo

Thanks for the suggestions - genuinely hadn't considered the difference between dropping price vs paying interest (new to this!)

I don't have an existing mortgage - I was lucky to inherit the money which I used to by the property I live in.

The problem is the uncertainty around how long it will take to sell my current property (even if i dropped the price) to free up the cash to buy the desired property (which might get snapped up in the meantime) - are there mortgage solutions for such short term? So for from research I can only see minimum 3 year mortgages - is it possible to do this but pay off (very) early?

Pixie5740

You could possibly remortgage your home in Newcastle to finance the property in Northern Ireland. However, some mortgages have early repayment charges and some don't. You'd need to do a bit of research or go and see a mortgage broker who will do the leg work for you.

Stevodudeo

Great, thanks for the help - I'll do some research!