2nd Mortgae

joeglas

Hi

I am at a loss here. I want to buy a new home but already have one.
Once i have the offer accepted i will put the my home up for sale. Can i do this.

Hope the above makes sense

amnblog

If you need to sell in order to buy I suspect you will not have an offer on the new property accepted until you have a buyer set up on the current property.

joeglas

Oh no is that right.  I didnt want to put our property on sale unless we got our offer accepted on the one we want to buy

BarelySentientAI

Why would someone accept your offer if you don't have enough money to buy it?

joeglas

Our balance left on our mortgage is small. I thought to could have a mortgage called bridging or porting but obviously not

Hoenir

Bridging is very expensive. 

joeglas

Ah is it, oh well looks like no new home for us

Thanks 

ACG

You can do both of those things (bridging or port), but to port you still need to sell your home. 
Generally speaking, nobody is going to accept yours unless you are in a position to proceed, which you would not be without an offer on yours. 

That being said, when I bought my current home my existing home was not on the market. I told the agents I had a small mortgage and would happily take a hit on the selling price in order to get a quick sale on mine - they were fine with that. You can only ask the question, but if there is someone else - a first time buyer for example, unless they are not in a rush they are unlikely to accept your offer. 

BarelySentientAI

Is there something wrong with doing it the same way as everyone else does?  Get an offer on your house, put in an offer on the one you want, do both transactions at the same time.

Bridging loans are for when you are owning two properties at the same time and are very expensive.

Porting is moving the terms of a mortgage from one property to another - you have to be selling the old one for that to happen.

You seem to have a massive thing against "putting our property for sale".  Nobody forces you to sell, even after you accept an offer, and most sellers would be advised against accepting an offer from an unproceedable buyer (like you would be if you hadn't even started selling yet).

kingstreet

You need to establish if the new mortgage/property is affordable if the existing property mortgage is retained. If it is, you will not then be dependent on selling. You will need a deposit from another source, not the sale, and you will pay the SDLT second property surcharge.

Most people put their property on the market and have an acceptable offer on the table before offering on a new property. That's what is meant by proceedable buyer.

A vendor may be willing to give you time to find a buyer if you do make an offer but if someone in a proceedable position comes along in the interim, you may lose out.

joeglas

Thanks all for your advice, appreciate it