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How to get a house you want without having to go into rented?

1 reply

headless · 02/04/2010 22:12

So, as the title says, after months of dithering, we've seen a house we LOVE. However, we have to sell ours first, we've had a HIP done, but not on the market yet. In order to get the house we obviously want to move asap and get ours on the market (ideally yesterday), but how on earth can we do it quickly enough to secure this house? There is not much on the market (nothing) in our search area, so its only this house we want, and if we don't get it, we'd take ours off the market I think, rather than rent. Anyway, the point of my post is: is there any ingenious way of juggling money/mortages /family helping out (except the obvious bridging loan thing) that we might not have considered? Any suggestions gratefully received, even if they sound unlikely, and also if you have first hand experience of bridging loans. Thanks for your considerations!!

OP posts:
emsyj · 02/04/2010 22:55

How much rental income would you get if you let your current house (if it doesn't sell)? You could offer it for sale or rent?? Our old house is rented out now and because the rent covered the mortgage, it was disregarded when the amount we could borrow to buy our current house was calculated. Just a thought.

Have no first-hand experience of bridging loans. Imagine they're harder to get these days tho??? Just guessing. My old boss used it to buy his current house (donkeys years ago) and ended up having 2 houses for nearly 3 years !!! Usually bridging finance is expensive, but if you can afford it then fair enough.

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