Where's the deposit going to come from, if you've paid off the mortgage with savings, but not selling the house?Deposit potentially 60k as it's 20% of say 300k
You've 3 main options, unless your income is enough to support adequate mortgage, or you've a wealthy friend that'll lend you the money:What are retired people who are mortgage free doing if they want to downsize and use the equity from their property to pay for the transaction? Is any of the banks supporting these venture. Do they still release equity from a house that is mortgage free if necessary?
Hi House2020, our area is fast selling too. Our neighbour put his house up for sale mid July 2019 and he was out of the house with contracts exchanged and job done on September 20th 2019. He went with my Solicitor who is very efficient. The difficulty we are having is when we put a bid in for a house the Auctioneers will ask us 'what is the condition of our sale'. I will say that it is subject to the sale of our own house and immediately we are told no that the 'vendor' is requesting a cash buyer or a first time buyer only. It is only houses that are not shifting in the market (and usually to me it's very obvious as to why they are not shifting) are the ones that auctioneer's will allow us bid on.We’ve sold and purchased and have managed to just have a week between the sale and purchase. Luckily to have relatives we can stay with for that week. It is do-able but we are in a fast moving area (for our sale anyhow)
It might be a bit of a false economy when trying to match a buy & sell transaction. A good agent (they're not all good!) will be worth the fee to you.I'm selling the property myself as it cuts out fees
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