Posted on 22 October 2013 by Mick
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.
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.
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