Seen dream house, but waiting to sell......

penguineater

eve824 said:

Yeah. Didn't work out well for us unfortunately. The house sold whilst we were choosing agents/getting photos done etc. If I could go back I would have put an decent un-proceedable offer on the table as that might have made the vendor wait out for us to sell rather than accept the offer he did (less than ours would have been). There was a 2 week gap between them accepting an offer and us selling our house.  I mean it might not have made any difference, but I regret not trying. 

We sent a note to the vendor asking them to consider us if the current buyer is to pull out, and he emailed back and said he would do. Every time I get an email I hope it's from him saying the buyers have backed out. No other houses have come up that we are even remotely interested in. Many tears have been shed over that house, and I expect a few more will too! We are now SSTC and have the pressure of buyers waiting for us to find somewhere.

Have you tried dropping letters through homes in the same street/area that you may want to buy? I've heard of people doing this and buying a house without even involving an estate agent. Some people aren't aware others may want to buy their home.

powerful_Rogue

Morning all!

Well we went to have a look at the property yesterday and it was even better then the rightmove advert! We both fell in love with the house, had everything we wanted and more.

Ours has now been on the market for 3 days. We don't want to lose the chance of getting this house, so have been looking at other options to secure it. Would appreciate your advice.

Currently £49k outstanding on tthe mortgage. House has been valued at £170k by two EA's and that is what it has been listed for.

My current mortgage lender will allow me to take £80k equity from the property, making the mortgage just shy of £130k. (£630 p/m)

I have a new mortgage in principle for the slightly increase amount of £260k - So that would give us enough to puchase the new house at £335k.

Aware we will have to pay £10.5k stamp duty, however that can be claimed back once our current house has sold.

Should ours even go as low as £160k, that will still leave £30k, which we would then look at paying off the new mortgage (depending on tie-ons).

The additional lending on the mortgage would be fixed for 3 years, so would factor in a £2.5k ERC - However seems a small price to pay if we can secure the house we really want.

Before I worked all this out tonight, as was at work, the OH did mention it to our mortgage broker, who said something about higher mortgage rates for a second property, but I can't seem to see any mention of that, despite during the AIP saying this is for a second property.

Just wondered about any advice on my approach above and anything I might be missing?

Just to add, we do have money in savings and could afford to run the two mortgages for the time being.