Pensioner downsizing - buy before sell

cnm

My Mum is intending to downsize.
She is 76 years old, lives in the Highlands of Scotland, income of about 11-12k (pensions, inc state pension), current house value around 250k (no mortgage) and looking to buy for around 175k. Some further money might become available soon (a few 10k's), which could potentially be used for a deposit.
There's a house available in the locality for around 175k. However, she hasn't sold her current house yet. In the locality, selling might take 6 months or might take 3 years.

I'm wondering what the options are in these circumstances for buying before selling.
Mortgage on new house? Mortgage on old house? Interest-only mortgage? Bridging loan? Equity release?
There might be a possibility for myself and/or my siblings to contribute / pay / guarantee if necessary.
I haven't sought the advice of a professional adviser yet. At the moment, I'm just wondering what the range of possibilities might be.

Thanks for your help!

System

I'd imagine age is a problem getting a mortgage, and she'd be able to buy what equity she's already built up. Find a buyer before finding a property

bryanb

Remember the extra 3% stamp duty

cnm

MatthewAinsworth wrote: »

Find a buyer before finding a property

Thanks - yes, it would be better to sell first.
It's currently not easy to buy or sell, so I'm concerned that selling first would probably mean rented accommodation for a indefinite and uncertain period of time before a further move, which isn't ideal for a 76 year old.
There's also a potential house available right now, so I'm investigating whether it's even feasible to buy first.

cnm

bryanb wrote: »

Remember the extra 3% stamp duty

Thanks for the reminder! It's different in Scotland, but I think that it pretty much works out the same.

amnblog

Why is mum moving?

cnm

amnblog wrote: »

Why is mum moving?

Downsizing. Current house and surrounding area is too big and expensive to maintain.

amnblog

If she is intent on selling and properties in her area do not sell quickly she has to find a buyer first.

Otherwise any lending will leave her with a problem if she cannot sell later.

System

I wonder if equity release could avoid the need for a mortgage to get around the issue of age