Bridge, buy to let or other ? Help !!

Kellm9

Hi,

I'm looking for some options on my current house move. I have bought a new house and expect to move early December. Now we still have our current home up for sale and would expect to sell before then. However I like to think about the what if's. So what if we don't sell our current home in time

So if we don't get our current home sold in time I take it we would need to bridge or other. Now i've never been in this position before so I'm looking for some help from someone who might have been. Numbers below, any comments, suggestions much appreciated.

Current house, Mortgage £55,000. Expected sale value £205,000.

New house price £220,000.

I have around £60,000 savings tied up in various places, bank, shares, endowments etc. I can get this money if needed but would prefer not to.

Salaries 1st £38,000. 2nd £10,000.

So anyone have any ideas ? I wouldn't mind renting out current home and moving to new. Is this possible with numbers above ? How could we bridge and who with and how much would it cost on numbers above ? Is it possible to have two mortgages ? One normal and one BTL ? Currently with Nationwide.

Thanks
Kellm9

Kellm9

Bump,

Can anyone offer some suggestions ?

Thanks

Griptool

If you bridge or take out a BTL Mortgage your debt will be £275000 excluding transaction costs and tax (£1931.19 per month on a repayment mortgage), imagine that amount of money counted out on your dinning room table - add about £180000 (very rough calc of the interest) and then consider how hard you have to work for the rest of your life to pay it back.

Remember the BTL dream can turn to a nightmare