Buying before Selling

homemover_2

Hello all

I'm just after a bit of advice really. We currently have our house on the market with a relatively small mortgage. We've found a house that we love, have put an offer in which has been accepted...Hoorah!

But now the dreaded fear has started to kick in that we might lose it if we don't sell ours quickly (there's no upper chain you see).

Is there anyway we can buy new house without selling current house? I've tried to get some information from our current mortgage lender but they just said we would need a bridging loan, they don't do bridging loans, conversation closed.

I'm all confused. Does anyone have any ideas? I can provide more specific details if that helps.

Thanks

Robert_Sterling_3

If on the same day these two events happen
1. You exchange contract to buy your new home in a months time ..... and
2. You exchange contracts to sell your home in four months time.

Then there is a period of time in which you could get a bridging loan because you would hold deeds to both houses.


Exchanging contracts to buy befiore you exchange contract to sell is fraught.

Selling before buying is OK when prices are falling
not so OK when they are rising.

Be lucky.

martinhp

It can be done avoiding expensive 'bridging loans'. I have done this successfully for numerous clients, as well as myself. But to give advice, I will need quite a bit of personal info. that should not go out on an open forum. If you would like to know more please email me at martin@hendersonponsford.com