Moving up the ladder trickiness- options?

20vt-rs

Hi all...

We are looking at moving up the property ladder, been in the current home for 13 years and thinking about one final move to settle. We love our home but want to be a bit closer to schools, bigger garden and an extra bedroom etc...

Whilst we don't have to move it would be nice, we are quite specific where we want to be and not much comes up that often, we have had three viewings of properties in the last 12months, and conscious that we don't want to go on the market to sell and can't find anything, on the other hand we missed out on the properties we looked at due to not being on the market and ready!

Alternatives are sell and go into rented, but very reluctant as we don't want to end up with no home to own in rented for years. Other option is put our house on BTL and rent it out, if nothing happens for 12-24 months maybe move back in.

Are thre any other options, can we get second mortgage short term, release some equity in ours to help fund deposit on second home (Our LTV is currently 37%)? What about some form of bridging loan?

Thinking what can be done to ease this move, otherwise I think we will be staying put

jackomdj

What sort of price are you looking to buy at? Would it work to buy with a much reduced LTV and pay off your current mortgage, then sell your current property? You could then overpay as much as your new mortgage allows, or remortgage once your new mortgage allows at a better LTV, using your old property to reduce the new new mortgage?

Does that make sense?

Tom99

[FONT=Verdana, sans-serif]I would try the conventional route 1st, you seem to be rejecting it to soon.[/FONT]
[FONT=Verdana, sans-serif]All your other options sound a heap of trouble so why not try what most people do and see how you get on.[/FONT]

ACG

You could put yours up, accept an offer but tell your buyers you have not found a property yet so unsure when you will be ready to move out?

We moved house last year, similar to you by the sounds of it. There was one estate in the are we moved to that we could afford, was close enough to the local bars and shops and schools.

We put an offer in on a house in November and told the vendors we would not be looking to move until March/April time. The agents queried our house not being sold yet. I told them there was over 50% equity in the property so could take a hit in order to get a quick sale if needs be. The vendors accepted our offer.

Nothing else came on the Market in the area we were looking until September after we moved in so we would have had a long wait. But then all of a sudden 4-5 have come on in a 3 month period.

20vt-rs

Hi all, thank you for the replies and suggestions - a tricky game moving home, and I don't remember it beinglike this last time. It was a long time ago, but from memory we had already been on the market and more inclined to move as we had to for space reasons, our house we are in now just appeared on the market after another fell through, almost like it was supposed to happen!

Anyway- - Jackomdj, I think I understand what you're suggesting but possibly not 100%

Tom99, you could be right need a crystal ball knowing when to do this...

ACG - Yes definitely your situation sounds like ours, yours went like it was meant to happen as well, perhaps these things aren't mapped out for us who knows! Again you need a crystal ball, we could be selling ours not able to move for months but then again who knows what might appear. The agent suggested maybe going into the market and being open about timescales and not finding a property, some people may wait. The latest property we looked at sold the second day of being on the market, as these come up few and far between, there is a substantial chain so couldo poteintially break down, keeping eyes on it... I asked my current lender about options (FD), but they are quite limited and don't do BTL, second mortgages unless it's not main home and no bridging. But as Tom99 says, could be opening us up for a heap more trouble doing that anyway...

Lots to ponder and think about, it's bite the bullet or stay put...

captainusa

Very similar situation. We wanted to move to a detached house but they very rarely come up in our price range. We put ours up for sale last August, finally found a buyer this month with the expectation of having to rent/stay with parents when a suitable house came on the market. We got in early and so far no other properties that would suit have come on the market. We’d have kicked ourselves if this had come on and we weren’t in a position to proceed.

enthusiasticsaver

I would not go down the route of second mortgage or BTL. Just put your house up but tell buyers you have not found anywhere yet.

Nebulous2

You're not alone. It's becoming very tricky for people to move.

http://www.bbc.co.uk/news/business-43541990