If we need to buy a new home, before we've sold our current one, how can we do this?
Posted on 23 March 2015 by Stuart
We own our current property outright (value approx £260k) and have no debts. We also have around £35k in savings. We want to buy another property before we sell the one we have (just a slight delay, our current property would be on the market within a couple of weeks). We would hope to obtain the property we are thinking of moving to for around £220k (i.e. less than the property we own). Is this possible and, if so, how?
As the amount of time you are likely to need to money is very short, this situation sounds like a case for a bridging loan. Typically bridging is a more expensive form of lending, however there are some lenders that do have some fairly competitive rates.
If you were looking to keep your existing house, then we could have looked at a Let To Buy scenario, but as you are looking to sell your current home, with only a small time delay between completions of purchase and sale, a bridging loan would seem the most likely option for you.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0844 346 3708 and they'll be able to give you a clearer idea of how we can help.
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