DH and I are completely useless at this kind of thing, we are going to speak to the bank and solicitor but any advice from you guys would be greatly received.
We are currently living in a property which cost us £85,000 three years ago. We put down a 10% deposit and have a 30year mortgage.
The house is fine, but we would like somewhere bigger. The area that we live in has a VERY slow moving market, and few houses come up on it.
One has caught our eye, however, and is on the market for £120,000. It should be within our means to pay the extra monthly cost, but we would need to sell our house before being able to buy the next.
How does it work? There are similar houses as ours been on the market for well over a year, what would happen if we put ours up but the other one sold before we could sell ours?
How do bridge loans work? Or is there something else that can be done in this situation?
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16 replies
SleepForTheWeak · 03/07/2016 22:22
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