Buying a house before I've sold mine

cronemeister

Hi.

Myself and my partner are looking to move house. Our house has been on the market for 2 weeks and we've only had 2 viewings....neither of which have led to an offer.

We have seen a house that we love, that needs stuff doing to it, which we are quite happy to do as we have the money set aside to do it. We have put an offer in, but there has also been a slightly higher offer than ours put in. Because the property is probate its empty, and the 4 siblings involved have considered both offers and are basically willing to sell to whoever sells their house first.

What I wanted to know was, are there any financial institutions that would lend me the full amount I need to actually purchase this property, before I've sold my house.

Is this possible....or something similar ?

Thanks.

moanymoany

And if your house doesn't sell?

Our house is on the market and we are selling without looking for another house. If we sell we will rent until we find what we want.

Doing it your way is very risky. Do you have enough cash to buy this house that you've seen?

Bridging loans are very expensive, could you buy the new and let the old?

I wouldn't do it.

Biggie

I was in a smilar situation,,,


firstly depends on how badly you want the house & if your prepard t take the risks


then there are options ..
I went for a found buy2let remortgage on my current property to find the purchase of my new porperty. My current property is being sold on the off chance it doesn't sell my fall back plan will be to let it for a while.

AMILLIONDOLLARS

Don't do it:eek: , in this financial market, this will only lead to heart break, sell first! Buyers are thin on the ground at the moment as everyone is waiting for the so called "crash" to happen, lord knows how long it may take you to sell, so taking out a bridging loan might not be the wisest of moves, as it may use up you savings in interest charges.

If you want a quick sale maybe a reduction in your asking price may help you get more viewings and a possible offer, this would be a cheaper route to contemplate.

AMD

Mortgage_Genius_2

You could arrange a let to buy mortgage. But as biggie says there are risks.

Basically you could purchase the new property on the basis that you are going to let out your current home.

But there are to many if's buts and maybe's to explain in this forum.

Get yourself on to Yell.com or Google - find a local independent mortgage broker who does not charge a fee for their time or advice and explain your circumstance.

I am sure a decent adviser would be able to give you all the pro's and cons of what I suggest.

Good luck

AMILLIONDOLLARS

Mortgage Genius

I don't think your allowed to post a link to your personal website, you may find that the moderators will delete this as its considered advertising!

read the section at the top of the page:
Don't post links for personal gain. Except in the referrers section and always declare any interest.

AMD

Mortgage_Genius_2

Oops - Thank a million - a million dollars I will remove it now!

Rick62

And please change your signature to the standard wording, its not meant to be an advert!

AMILLIONDOLLARS

FIRST TIME BUYERS PUT PROPERTY SEARCH ON HOLD

This may be of some interest:

http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3482599.ece?&EMC-Bltn=POSFP8

shelly

cronemeister wrote: »

Hi.

Myself and my partner are looking to move house. Our house has been on the market for 2 weeks and we've only had 2 viewings....neither of which have led to an offer.

We have seen a house that we love, that needs stuff doing to it, which we are quite happy to do as we have the money set aside to do it. We have put an offer in, but there has also been a slightly higher offer than ours put in. Because the property is probate its empty, and the 4 siblings involved have considered both offers and are basically willing to sell to whoever sells their house first.

What I wanted to know was, are there any financial institutions that would lend me the full amount I need to actually purchase this property, before I've sold my house.

Is this possible....or something similar ?

Thanks.

As others have said, yes its possible but there are risks involved.
We were in danger of losing the house we had fell in love with so we took out a BTL on the house we were selling in order to get the money for the purchase.
We were in a slightly different situation though as in we had our buyers but due to paperwork issues the sale was taking longer than the purchase. Also we could comfortably manage both mortgages for 6 months if the sale fell through.