Should I sit tight?

money-savvy-suzy

Hi wonder if anyone can give me some advice.

Basically I want to move house. I had orginally planned to put my house on the market next June when my current mortgage rate runs out. I have recently seen a house I think is perfect and am now wanting to put the house on the market straight away.

The problem is I would be paying a huge rate until June until I could get a lower rate. Basically if I took out the extra mortgage now it would cost me £300 extra per month. If I waited until June it would cost me £170 extra per month. I guess my question is realistically would I have my house sold and another bought in less than 8 months?

Also how does it work in terms of having a mortgage in place? Would I have to have one on standby with my current lender as well as the new lender just in case it happens before June?

Sorry for all the questions, but it's doing my head in arrrrgh!!!

ameliarate

If you put your house on the market now there is no guarantee you will get your "perfect house". The best way is to sell first, with one eye on what's available, and buy when you have had an offer.
This is not really a good time to sell anyway (winter) but there's not a lot of point waiting until your mortgage finishes, unless you are going to have to pay huge amounts at redemption but you could probably move it with you anyway. If you are definitely wanting to move personally I would start researching now, speaking to mortgage brokers etc, with a view to putting it on the market in January.