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Advice about buying new house before our current one is sold ... we don't want to lose new house .

(15 Posts)
ginorwine Sat 27-May-17 20:22:25

Put house on market last year and sold in three days . Th buyers said they wd wait but nothing was comming up . We then lost our buyers .
We have now found the house we want to buy and put house on market but have had no viewings . A few sold locally round here recently .
We really want this new house and two others have put theirs on the market to try to get it so there is a race .
Is there anything we can do ?
We have 10 k savings and the house is 239k
ours is on for 250 k
Any advice welcome ... rent ours out ? Bridge loan? Surely sonethkng we can do .. !!!!!thanks .

smu06set Sat 27-May-17 22:18:18

10k deposit wouldn't be enough for a 239k house, even if your income was high enough to cover 2 mortgage payments.
I assume you have a standard mortgage on your existing house, so if you wanted to rent it out you would have to advise your existing mortgage company, and may end up needing to move to a buy to let mortgage. That all takes time and funds.
Also are you expecting your 10k to cover stamp duty, legal fees, moving costs?? That's going to be tight!

ginorwine Sun 28-May-17 09:11:19

Ok thanks
Jyst desp !!!!!

user1484830599 Sun 28-May-17 10:44:22

How much equity do you have?

We did this recently and the quickest way for us was to remortgage current property on a btl, that was with big deposit though and as another poster says you may struggle with £10k deposit.

Best thing is to find an independent mortgage broker and look at your options with them.

ginorwine Sun 28-May-17 14:27:13

Well our current mortgage is 22 k
We wd aim to sell for 250k the other house is 239 plus move costs ...... I really not knowekedgabje te these things .thanks .

Clembarrass Sun 28-May-17 18:15:36

I would look into whether you would have to pay stamp duty at the highest rate - as I think if you hadn't sold your existing house, the one you would be buying would count as a "second home".
Someone more knowledgeable will know more than me, but I think it is the case now.

JennyHolzersGhost Sun 28-May-17 18:27:00

Your mortgage is 22k or your deposit is 22k?
Have you spoken to your mortgage company and negotiated a mortgage yet ?

SharonStrzelecki Sun 28-May-17 18:30:37

Clembarrass, I think op would pay higher rate of stamp duty initially, but as long as it became her sole property within three years then she could apply for a refund.

SharonStrzelecki Sun 28-May-17 18:31:25

A refund of the difference between what stamp duty would normally be and the higher rate, if that makes sense!

user1484830599 Sun 28-May-17 18:35:38

If you sell the first property within 3 years you can claim back the 3% extra stamp duty.

If your outstanding mortgage is 22k that sounds more doable. You really need to find a broker though who will be able to advise the best way to fund it though.

ginorwine Mon 29-May-17 09:03:54

Mortgage 22k current
10k savings
The house we want to buy is 239 k and we expect but can't guarantee , that we wi l sell for 250!k

PossomInAPearTree Mon 29-May-17 09:07:30

You need to talk to a bank or mortgage person. It is possible, a friend did it with some sort of bridging loan/mortgage.

user1492287253 Mon 29-May-17 14:54:31

go to a mortgage broker. my sister did exactly this to buy a house she always wanted that came on the market. roughly they remortgaged home a on a buy to let mortgage and used the equity and a small additional mortgage to buy home b.

neonrainbow Mon 29-May-17 14:56:22

If you want to sell quickly look at why you have had no viewings (if you post a link people might be able to help) and/or drop the price.

ginorwine Mon 29-May-17 15:58:30

Neon the agent took us off line by mistake !! Back on now !
Thanks all got appt mort advisor tomorrow !!!

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