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Selling 2 Buying 1 but want the 1 first
2e1ebr
Posts: 1 Newbie
Hi, Just a thought, we are selling 2 houses on the market in 2 weeks as work getting done. Will be about £150k+ equity.
Found a house at £170k that would be ideal, any idea if there's a way we could get this house??
Looking at possibility of bridging loans or buy to let but would need changing back as soon as the houses sell.
All ideas welcome please ?
Found a house at £170k that would be ideal, any idea if there's a way we could get this house??
Looking at possibility of bridging loans or buy to let but would need changing back as soon as the houses sell.
All ideas welcome please ?
0
Comments
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Bridging loans are possible - they are expensive though. See a decent mortgage broker.
You will also need to find £6k SDLT as you will be caught by the additional SDLT rules (if I'm reading your scenario correctly). You can reclaim £5.1k of this IF one of the houses you are selling is your main residence.0 -
An alternative is to get an interest only mortgage using the sale of the house(s) as your repayment vehicle. We have done just that, getting an offset mortgage from First Direct. However, we had sold one property first so had a decent deposit.0
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You could remortgage one of the houses (or both?) to release equity to buy the new house.
You would need to leave 25% equity in them and the potential (theoretical) rental income would need to cover 125% of the repayments. If the maths work then that could be possible.
However this is the conundrum everybody faces and most people end up bringing together a sale and purchase in orde to keep things simple. It's stressful enough0
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