Can I buy a base house before selling our home and moving abroad?

Posted on 22 October 2013 by Mick


Can I buy a base house before selling our home and moving abroad?

I am about to go and work overseas, leaving my wife and child at home initially. However, once up and running, we'd like to downsize from our home now, to a smaller property which we'd just use as a base. Is it possible/sensible to raise a mortgage on a second home whilst attempting to sell your own? We have seen a property we could live with as a base. Our existing mortgage is for £135,000 (interest only) in a home we paid £225,000 for, and the new property is up for sale at £129,000. We should be able to cover the easily the repayments on both.

Mick,

Whilst mortgages for Ex-pat's and those about to move abroad are not as plentiful as they were a year ago, on the face of it I can't see why you shouldn't be able to buy the new property straight away.

Before I can say anything too detailed, I'd need to know the details of yoru personal financial situation, and idea of timescales for when you're starting your new role abroad, and when yoru family will be joining you.

If you'd like to take you enquiry further, then please let me know and I'll arrange for one of our consultants to contact you for an initial discussion.

Regards,

Simon

simon.collins@johncharcol.co.uk

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.