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Mortgage or Bridging Loan
fumken
Posts: 125 Forumite
I have just put my house on the market. I can get a re-mortgage for 200k extra on the house and could buy a smaller house while I wait to sell my house. The house is worth about 320k and the current mortage is 40k.
For now I am renting near work and looking at properties.
1. Should I wait to sell first or should I take a mortgage and start the process? (The probability that the house sells soon is high)
2. If I decide to re-mortgage the house that is for sale, in order to raise money for a house I have seen and like, with a view of paying back when I sell does it make sense? Or is it safer to wait in view of the current market conditions?
3. I recently heard of bridging loans, are these better short term and what are they?
4. My house is now empty for the sale, If I buy BEFORE selling does capital gains come in or not? I have also stopped paying the council tax and bills. Is it wiser to go home for weekend s and make the extra payments for a few months or not.
When I finally sell, hopefully soon, I feel I can pay off the mortgage and then buy a second house with the extra money on a buy to let.
Thanks.
For now I am renting near work and looking at properties.
1. Should I wait to sell first or should I take a mortgage and start the process? (The probability that the house sells soon is high)
2. If I decide to re-mortgage the house that is for sale, in order to raise money for a house I have seen and like, with a view of paying back when I sell does it make sense? Or is it safer to wait in view of the current market conditions?
3. I recently heard of bridging loans, are these better short term and what are they?
4. My house is now empty for the sale, If I buy BEFORE selling does capital gains come in or not? I have also stopped paying the council tax and bills. Is it wiser to go home for weekend s and make the extra payments for a few months or not.
When I finally sell, hopefully soon, I feel I can pay off the mortgage and then buy a second house with the extra money on a buy to let.
Thanks.
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