New Mortgage and remortgage in 1 year

Pilgrim22

Hi,


I currently live in rented accomodation but have the opportunity to buy a friends house at a good price. I also have to opportunity to buy the house I currently rent but not until August 2019.



I think i can make a good profit on the first house and use that to help buy the house i live in now.


What implications from a mortgate / tax point of view should i consider?
The house i want to buy first is £145k but i think i can sell for £185K
The second house i want to buy in 2019 is circa £360k.
Is going to my bank (barclays) or a broker the best way?



Any advice greatfully received.
Thanks

middleclassbutpoor

Your plans will very much be determined by your income/affordability and whether you have sufficient equity/deposit and what your credit history is like.

In theory what you are proposing is possible - you will also need to consider buying/selling/buying costs.

Also a lot can happen to interest rates, your circumstances etc in 12 months so again what seems possible today may change going forwards.

If you want to buy the house from your friend, take the first step in arranging that but if you intend to sell in 1 year - either consider a product that can be ported or one with no early redemption charge on it. A broker will help you navigate all of this.

Thrugelmir

Pilgrim22 wrote: »

The house i want to buy first is £145k but i think i can sell for £185K

Why the disparity?