Trading Down but how

[Downunder]

Hi,

we have 2 properties that we own in its entirety. We have found a property that we would like to down trade to from our main residence. The problem that we have is that we will need to sell our main residence in order to fund the entire downtrade. There are no obvious solutions out there for us.

Bridging is very costly. Can we equity release on our 2 properties for the time period that we purchase the new property and then/in the meantime sell our main residence? Are there any other options? We are asset wealthy but cash modest.

Thanks for any advice...sure we aren't the only ones who need to bridge this momentary gap.

 

[ClubMan]

Many people manage to synchronise the sale of their one and only PPR property while buying a new PPR. Why do you think that this will not be possible in your situation?

 

[Downunder]

Hi ClubMan,

that is ideally the case. But then there are the what ifs. We are behind the ball in selling our own and fear that we won't be able to close in time. This is to act as the safety net.