Trading down PPR, interim funding required

R

runner

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Recently retired relative, no family or dependants and no outstanding mortguage on his PPR which is valued over 2M. Was planning to sell and buy new PPR for around 1M. Now suddenly sees this house around 1M he wants to buy as its on the market just now, but has not started the process of selling existing PPR yet.

Where or how could he fund this transaction for the proximate period of up to 6 months needed to sell existing PPR?
 
Open bridging (where there is no signed contract for the sale) is risky and he will have to show that he has sufficent income to sustain the payments indefinitely, this is probably not an option. Closed bridging - where contracts are signed but the purchase needs to close before the sale is relatively easy to arrange and any payments can be deducted from the sale proceeds.

The only sensible answer is to get his house on the market ASAP.

Sarah

www.rea.ie
 
Would taking a mortgage on the current PPR not be an option? Even if it ostensibly for a longer term but is actually cleared in the short term?

Update: Oh - sorry - I guess if he's retired then his income may not be sufficient for a lender to advance a mortgage?
 
Thanks. I think Sarah has called it here, as I suspected. Yes Clubman, being retired rules out re-mortguage basically.
Bridging looks out as well at moment. Will just have to sell PPR first and thats sorts everything. This was/is his intention - untill he saw the other house at weekend!
R
 
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