My husband and I have put a holding deposit on a new build. We're planning to sell our current house (currently valued at around 300k) and BOI will let us keep our tracker rate (+1%) on the outstanding balance which is around 240k. The new build won't be ready until end of October and we haven't put our house on the market yet.
Our solicitor has now received the contracts for the new build (if we want white goods included we need to sign within 21 days but i won't be pushing to do this for the white goods). We were hoping to buy and sell at in one go but it sounds like this is fraught with difficulty. I believe that the bank will give us a mortgage without selling our house - we'll talk to them about it tomorrow but what i was wondering is, if we go ahead with signing the contracts without selling and then sell the house before the new house is ready, would we still be able to keep the tracker rate? I presume we'd just need a new loan offer at that stage?
Our solicitor has now received the contracts for the new build (if we want white goods included we need to sign within 21 days but i won't be pushing to do this for the white goods). We were hoping to buy and sell at in one go but it sounds like this is fraught with difficulty. I believe that the bank will give us a mortgage without selling our house - we'll talk to them about it tomorrow but what i was wondering is, if we go ahead with signing the contracts without selling and then sell the house before the new house is ready, would we still be able to keep the tracker rate? I presume we'd just need a new loan offer at that stage?