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Buying second home..do we sell first one first?

Yahoomrs · 2018-04-29 11:13:59

Myself and partner bought our first home 24 months ago. We paid 140,000. We are looking to buy a second home for around 220,000 and sell our first home. Do we need a deposit for the second house or can we use our current property as a deposit? Is there such thing as a bridging loan we can get between selling and buying so…

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29-04-2018 12:13pm

#1

Yahoomrs

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Join Date: November 2017

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Myself and partner bought our first home 24 months ago. We paid 140,000. We are looking to buy a second home for around 220,000 and sell our first home.

Do we need a deposit for the second house or can we use our current property as a deposit?

Is there such thing as a bridging loan we can get between selling and buying so we aren't paying 2 mortgages?

Any information on how this works would be great. Thanks in advance

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#2 29-04-2018 5:22pm
Samuel T. Cogley

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Equity from the first home can be used as the deposit. Bridging loans are a thing of the past. You'll enter into a 'chain' which makes you a less desirable buyer than a cash buyer.

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