Bridging Loan These Days

Apis

Hi,
We've suddenly found a house we'd really like to buy. We weren't really looking, so whilst we know the value of our house, it's not on the market yet (but could be quickly).

The asking price of the house we want to buy is a lot less than the value of our house plus our available capital. However, we could not purchase it outright without selling our house.

In short (figures are representative)

House we want to buy asking price £500,000
Our house value £400,000
Our available capital £350,000

So what's the best way to source the £150,000, buy the new house then sell ours at leisure?

Last time we moved (25 years ago) we were in the same position. Back then I took out another mortgage with no early repayment penalty which I paid off after 3 months when we sold our house.
Would this still be the best way to proceed, or would a secured loan or some other method get us moving?

Ben8282

With both a 70% deposit and £400,000 equity in your existing home, I don't think you would experience too much difficulty in obtaining a mortgage which, if necessary, could be secured on your existing property.

jonesMUFCforever

I agree - provided you pass affordability for a mortgage.
Most high street lenders won't look at a bridging loan these days.