2 house to sell, but need cash now - is that bridging?

Notebook

Hi
Selling my house - 150k
Partner selling her mothers to be split with her sister - worth 400
therefore will have around 350 in the pot.
I have savings of about 35k
looking at house that is onsite now for 220k
is there a way of putting my cash down, and buying the new house, with a loan until our houses are sold?
I take it that this is interest only, probably looking at a year max.
Can this be done?
interest rates?
costs involved etc
descent firm to contact for further info.
The new one is a maisonette , 120 year lease with no ground rent as just been extended.
Aware of 80 year rules and marriage charge etc.
Lastly, have you a right to extend the lease further in 10 years etc time.
Thanks all

dimbo61

So right now you have a 15% deposit and maybe money for legals and stamp duty.
However as you already own a property which is up for sale you will pay extra  stamp duty  because you will then own 2 properties.  
You can claim back the extra stamp duty once you sell your home.
Does your partner own a property  ? Besides the ( mum,s home ) probate house ?
Have you got a mortgage on your current home ?
Can you afford a £187,000 mortgage?
Maybe sell one or both of the properties OR consider an offset mortgage 

Notebook

hi
my house 150k - no mortgage, to be sold
my partners ( no mortgage ) - not married - will sell her mothers(bereavement) where she lived, so another 200k, so we have 350k to buy the house we want a bridging loan for.
we sell our houses and pay off the house / loan in full
with 130k left over minus fees.
therefore we won't have a mortgage

theoretica

I think the point is that if you buy the new house with a mortgage - and then pay it off - it might be cheaper than bridging finance.  You would just need to calculate early repayment charges carefully.  Seems like a case where talking to a broker might pay off.

Emily_Joy

Notebook said:

hi
my house 150k - no mortgage, to be sold
my partners ( no mortgage ) - not married - will sell her mothers(bereavement) where she lived, so another 200k, so we have 350k to buy the house we want a bridging loan for.
we sell our houses and pay off the house / loan in full
with 130k left over minus fees.
therefore we won't have a mortgage

I do not see why you cannot take a mortgage now and pay it within the next 6 months or so - when your houses are sold?

Notebook

ok - will investigate a mortgage - thanks everyone

Emily_Joy

Notebook said:

ok - will investigate a mortgage - thanks everyone

If it helps, two weeks ago I saw mortgages from Coventry BS and Barclays without early repayment charges. They were at 5% but since you are going to repay it in a year, this should not be a huge problem.

diystarter7

Hi OP

just ask about mortgages and your criteria and what is the best, cheapest way forwards for you, ie costs setting up/etc and early repayment penalties etc.

Thanks

Notebook

Again, thanks all

dimbo61

In a perfect world you would sell both houses quickly and not need a new mortgage 
However we don't live in a perfect world.
So do your homework 
I have already mentioned Offset mortgages which might suit your needs.
Few lenders are offering a Free Lunch so buying with a mortgage will involve  costs.
If you can wait a few months you maybe able to buy without a mortgage 
You should still follow due diligence  with your solicitor  as 2 parties are involved and you may need to buy as Tenants in Common with unequal shares 

Notebook

dimbo61 said:

In a perfect world you would sell both houses quickly and not need a new mortgage 
However we don't live in a perfect world.
So do your homework 
I have already mentioned Offset mortgages which might suit your needs.
Few lenders are offering a Free Lunch so buying with a mortgage will involve  costs.
If you can wait a few months you maybe able to buy without a mortgage 
You should still follow due diligence  with your solicitor  as 2 parties are involved and you may need to buy as Tenants in Common with unequal shares 

Thanks - we will go 50 50 but I agree with tenents in common is the way to go. 
Thanks