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Mortgages and bridge loans

Jack2210
Jack2210 Posts: 1 Newbie
in Mortgages & endowments
Hi there guys, I bought a house 6 months ago and now I’ve spotted my dream house has come on to the market I was wondering how would I go about selling the house mortgage ect ect I’ll take all the advice I can get I’m a first time buyer so I’ve the faintest idea

Thanks in advance

Comments

  • silvercar
    silvercar Posts: 49,929 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    You put your current home on the market at a reasonable price to sell quickly. Redeem that mortgage and take out a new mortgage on the new house.

    If you have early redemption penalties, you could see if your current lender will port your mortgage to the new property. Essentially a new mortgage with your current deal transferred over.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ACG
    ACG Posts: 24,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Port your mortgage.
    You do not want a bridging loan if you can avoid it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Jack2210 wrote: »
    I bought a house 6 months ago...I’m a first time buyer
    Not any more, you're not.
This discussion has been closed.
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