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Securing our next house before selling our current one
sarahdarlington
Posts: 2 Newbie
Hi everyone,
Looking for options for securing our next house, before putting our own on the market. I have seen a house I really like which has an extra bedroom and larger garden than where we are now. However I am reluctant to put our house up for sale unless I know that we have the new one 'in the bag'. We did that exact thing last year and it was a lot of work getting ours presentable, cleaning up for every estate agents or buyers visit (I have 4 small children so you can imagine!), only to have the house we wanted get sold before we got an offer. We then decided to take ours off the market again. It was a lot of effort for no reward and also I felt a bit embarrassed in front of the neighbours, like we were unhappy where we are, which we aren't we just need a bit more space. So this time round I would like more of a guarantee before we jump into the whole process again. Do banks offer any options for this situation?
Our housing details- we own a house worth roughly 350,000/360,000 with no mortgage, thanks to an inheritance. We have around 15,000 in savings. The house I have seen is for 375,000. So we are not too far off depending on what we want to offer.
I do not want to do a bridging loan as I hear that is ridiculously expensive. Not really in a position to pay much extra each month than we do now, at least not for more than a couple of months. Although we are very fortunate to be mortgage free, this is kind of essential as I am a SAHM and my husband is on an average salary so all our money is used up by the end of each month in bills and expenses (did I say I have four children?!).
Would be really grateful if any one has any ideas or past experiences to tell me about.
Thanks a lot
Looking for options for securing our next house, before putting our own on the market. I have seen a house I really like which has an extra bedroom and larger garden than where we are now. However I am reluctant to put our house up for sale unless I know that we have the new one 'in the bag'. We did that exact thing last year and it was a lot of work getting ours presentable, cleaning up for every estate agents or buyers visit (I have 4 small children so you can imagine!), only to have the house we wanted get sold before we got an offer. We then decided to take ours off the market again. It was a lot of effort for no reward and also I felt a bit embarrassed in front of the neighbours, like we were unhappy where we are, which we aren't we just need a bit more space. So this time round I would like more of a guarantee before we jump into the whole process again. Do banks offer any options for this situation?
Our housing details- we own a house worth roughly 350,000/360,000 with no mortgage, thanks to an inheritance. We have around 15,000 in savings. The house I have seen is for 375,000. So we are not too far off depending on what we want to offer.
I do not want to do a bridging loan as I hear that is ridiculously expensive. Not really in a position to pay much extra each month than we do now, at least not for more than a couple of months. Although we are very fortunate to be mortgage free, this is kind of essential as I am a SAHM and my husband is on an average salary so all our money is used up by the end of each month in bills and expenses (did I say I have four children?!).
Would be really grateful if any one has any ideas or past experiences to tell me about.
Thanks a lot
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Comments
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Just to get a little more detail, are you hoping to still be mortgage free after the purchase and sale?If so, it feels like you don't have much room for the expenses involved in the sale & purchase and the risk of a lower than expected valuation on your sale or a resistance to lower offers on the purchase.Also, the bridging loan is the classic solution to what you seem to want to do, so I'm not sure what other products you might be hoping to find?
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Estate agents probably won’t even entertain you if you’ve not in a place to proceed.0
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I think that was rather the point of the post, they seem to want to be in a position to proceed but without having a sale concluded, hence the talk of the bridging loan...Carl2510 said:Estate agents probably won’t even entertain you if you’ve not in a place to proceed.
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Bridging loans are expensive as it’s the lender that shoulders the risk. Can you afford to borrow £375k ?0
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Thanks so much to everyone who replied, I appreciate all the feedback. After considering all our options, I think we are going to stay put for now. But if we do get the itch again, we've got a few new ideas on how to do it. Til then
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