Buying second house while selling 1st

Thompson106

We are currently selling our home (for £300000) and there is approx 1110,000 equity in it. Current mortgage £190,000. We have seen a house we love in the exact street we want. It needs doing ups nd houses sold in that street were last on market 26 years ago so rare. It’s on market for £175000 but needs doing up. Wondered if any one knew a way of buying it and putting both mortgages on interest only till we sell our current home?

James_d_2

Not sure on that but Don’t forget you will have to cough up a lot more on stamp duty as this would be classed as a second home
Although u can claim it back upto 3 years once you sold the first but you still have to pay the second home inflated stamp duty up front (£6,250)

James_d_2

And you won’t be left with 110k
Estate agent fees 4k solicitor fees 4K stamp duty you be lucky if U were left with 100k equity after all the fees of moving

Zackisback878

We are in the same position, we got keys to our new property 26th April but our house sale on ours doesn't go through until 9th May

it all depends on affordability - we went through Santander although didn't put ours on interest only

Worth speaking to your provider

I think we were just lucky as our mortgage on our 'retained property' as they classed it wasn't much and we were only borrowing a third of what Santander offered us for our new purchase

foxy-stoat

Thompson106 wrote: »

We are currently selling our home (for £300000) and there is approx 1110,000 equity in it. Current mortgage £190,000. We have seen a house we love in the exact street we want. It needs doing ups nd houses sold in that street were last on market 26 years ago so rare. It’s on market for £175000 but needs doing up. Wondered if any one knew a way of buying it and putting both mortgages on interest only till we sell our current home?

Normally you put an offer in, if the vendor accepts it and is ok with your situation then you wait for a buyer for your current property and go to exchange once you exchange.

Have you got any offers or interested buyers yet?

Unless you have enough cash deposit and can afford 2 mortgages then I wouldn't think you can own both at the same time.

James_d_2

That’s not really how it works most estate agents will not allow nor will owners a offer if you have not sold your own house first I wouldn’t how would someone accept a offer then maybe wait years for the buyer to sell there own one ?? They would just keep it up for sale