can we buy before selling?

oscarp

Registered User
Messages
27
hi,

we are looking at selling up and moving somewhere nicer now we've got a couple of kids. i've a secure well paid job and should qualify for a mortgage ok based on salary and good credit record.
at this stage we're wondering if ew need to wait until we sell our house before we buy elsewhere, or will banks entertain bridging loans? i don't think i'm in negative equity but need to get an estate agent out to value the house. we don't want to go searching for an ide\l house if it could take a long time to sell.
Thanks
 
What I would do is start the ball rolling a bit more as you do not seem to have done that. Get 3 estate agents out to give you a value. Have a look to see what if anything in your area is selling and at what price. How do they compare to your own property.
It will all depend on what you owe, what the value of your house is and the value of the new mortgage, along with wages, security of employment whether the bank would offer bridging.
I doubt they would though based on the slow movement in the industry.
Once you have sold you could rent for a while and check out the area you really would like to live in with out the commitment of a purchase.
 
It is a very hard time to sell. You need to be realistic and certainly do not buy until you sell and have the money in your bank account. You'll also need a hefty deposit.
 
at this stage we're wondering if ew need to wait until we sell our house before we buy elsewhere, or will banks entertain bridging loans

If you don't have the deposit, you will need to sell. Bridging loans are a thing of the past.

[broken link removed]
 
thanks for all the replies. i would have the deposit for a new place but not the funds to maintian too mortgages for any lenght of time so i guess i'll focus on putting the house on the market first before looking too much elsewhere. i'll also look into gettign pre approval for a mortgage so i know what my options are when we do move.
we have an idea where we would like to live and don't want to get to the stage where we have an offer on our own house and can't find anything nice to move into
 
but if you haven't lived in the area you want to buy its a very good idea to rent there first- the only downside is you've to move twice- but it puts you in very strong position for making offers
 
I have heard of other people, who were trying to sell a house because their family had grown, who moved out into rented accomodation while selling as keeping the house tidy for viewings with small kids is not easy. Something to consider.
 
but if you haven't lived in the area you want to buy its a very good idea to rent there first- the only downside is you've to move twice- but it puts you in very strong position for making offers
Realistically, if you want to move, the above is what you must do; sell now and rent where you hope to settle, get mortgage approval and you'll be in a strong position when a house you want materialises. Sellers won't entertain offers from those with a house they must first sell.
 
Back
Top