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Buying a new house but mortgage free, do I need a bridging loan ?
Jt1975
Posts: 14 Forumite
Hi. I thinking of moving from my current house which is mortgage free to a smaller house. It’s been 32 years since I last moved, so I need advice please.
Will I need bridging loan or something like that ?
Thanks
Will I need bridging loan or something like that ?
Thanks
0
Comments
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Why would you need a bridging loan? You chain the sale and purchase. The money goes from your buyer to you then (some of it) on to your vendor.1
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That’s good , thanks for the help !0
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.......unless of course you do what we did and ought a dilapidated bungalow that needed a lot of work before we moved in. We got a mortgage on it and took several months to do the work. Then we moved in, sold our house (which was unencumbered) and paid off the mortgage on the bungalow.
I don't suppose this is the most cost-efficient way of doing things, but being in our mid-60s we did not have a lot of choice. It suited us anyway.I used to be seven-day-weekend0 -
You would if you intended to buy first and then sell later. That would also mean an extra 3% SDLT needing to be paid on the purchase (which you can reclaim after selling).Jt1975 said:Hi. I thinking of moving from my current house which is mortgage free to a smaller house. It’s been 32 years since I last moved, so I need advice please.
Will I need bridging loan or something like that ?
Thanks
As said if you just buy/sell in a chain, then no.
(presumably "smaller house" also means "cheaper house" otherwise you'll need to make up the money somehow )0
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