changing properties

futurefarmer

How does this sound, I have one property not occupied for three years moved in with GF so live in her house,
childcare of 800 a month for two kids
house value 80000-90000 approx,
mortgage 88000 left,
Salary 41000
I am looking at putting this house on the market and buying another house to live in the future (opportunity has come up)
New house value 125000
I have a deposit of 25000
So new mortgage is 100000
I have never missed payments etc and have a good savings record so my question is what are the chances of getting a bridging mortgage while property one sells ?
Not sure if I can wait for property one to sell before acting on property two

Any views appreciated Sry if it's a lil unclear !

April 73

Bridging mortgages are very expensive & I'm not sure they would even be available these days.
We had an offered accepted on a house & the owners accepted our offer knowing we had to put our house on the market - which we did the week after they accepted our offer.

Are you in an area where there is a scarcity of property available?

futurefarmer

April 73 wrote: »

Bridging mortgages are very expensive & I'm not sure they would even be available these days.
We had an offered accepted on a house & the owners accepted our offer knowing we had to put our house on the market - which we did the week after they accepted our offer.

Are you in an area where there is a scarcity of property available?

Shortage of rental properties so hopefully a first time buyer who is good to go comes along and makes my life easier 😅

Thanks for the reply

April 73

You could always put your house on the market & gauge interest. You're not committed to anything until the contract signing stage.
This could put you in a good position to put an offer on the other house if you are already on the market or sale agreed.