Buying new house before selling old

JImKath75

Hi, We are looking to move to Wales next summer, but would like to start looking and maybe buying a property there now.
We have about 100K left on our existing mortgage, which is due to come off a fixed rate deal in July. Our current property is worth about 270K and we would like to buy something that would leave us with no mortgage or a small mortgage when we have sold. Our mortgage is in joint names with my wife and our gross incomes are about £35K each.
If anyone has any advise on the best way of financing a new property, whilst continuing to pay the mortgage on the old property ( Can't move before next summer due to work, kids schooling etc) We could I suppose sell now and rent for a year, but there is not much available that does not cost a lot more than what we pay monthly for our mortgage. Whilst the idea of getting more debt is not appealing as that's part of the reason to move, knowing it is only short term, will hopefully make it worthwhile.
Our ideal scenario would be to stay in our old house for the remainder of the time we have here, but purchase a new property in Wales, that possibly needs doing up, so that we can do any work before we move. Any advise greatly appreciated.

getmore4less

Deposit and costs, how much cash do you have?

if you aim to be mortgage free at the end that suggest a purchase at £170k max + any savings after costs.

£70k * 4 is £280k so you are in range(subject to affordability) to support a mortgage on the new place with the £100k still outstanding if you can raise a deposit.

Thrugelmir

What's critical is the amount of savings you have. Besides the deposit and costs for the transaction. You'll be paying second home stamp duty (which means the timing of the sale of your existing property is critical) along with requiring money to fund the renovation work. May be easier to inject all your efforts into building equity in your current property then releasing the cash once you move.