Applying for a new mortgage to move instead of selling current house first

TomandBarbara

Hi
We are looking to move, however have not put our current house on the market yet due to a couple of reasons, one being that it needs some work to tidy it up plus all the rooms need to be decluttered first!
We have seen a property we like for £325K.   We probably have about £100K in savings, and Nationwide mortgage finder has said based on our salary we could borrow up to £279K.
What are the implications of doing this?  In my head it would be an ideal situation, we could slowly move into the new property without worrying about trying to get the house sorted so quickly.  However we would want to offset the new mortgage once we sold our current house, so would have to look for a mortgage that wouldn't penalise us for this.
Any thoughts would be appreciated!

Emmia

Higher rate of SDLT will be due as it will be a second property, but you can reclaim if property one sells in 3 years.

Caz3121

Do you have a mortgage on your current property? If so has the mortgage finder accounted for that existing liability? (will the two mortgages together be less than £279k?)
you will have additional SDLT (assuming England) to pay upfront although you would be able to reclaim the extra if you dispose of your current property within 3 years.
Council tax on two properties and double bills