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Found a house but not ready to sell current one
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Aside from the issues financing the new purchase which people have raised, what if the market crashes in the next x months it takes to sell your current property. Usually short term fluctuations in house prices to happen but don't matter so much to people selling / buying at the same time, as unless one is a massively different part of the housing market, you're only 'at risk' on the difference in values. However for you, you've locked in the purchase price and then would need to recover the full 200k sale price to continue at the planned level of borrowing. If this falls, you can't revisit the purchase price so would need to find / borrow the difference for longer.0
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Now is most definitely not the time to be entering into bridging loans - you need balls of steel even in the best of times. Been there, got a medal.0
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is it a medal you got or a bullet hole?Brock_and_Roll said:Now is most definitely not the time to be entering into bridging loans - you need balls of steel even in the best of times. Been there, got a medal.0
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