I have a former NIB LTV ECB +0.51% mortgage and want to move to a new home. While we do have about 40% of our home outstanding on loan, we are fortunate enough to be able to pay for 70% of the new home in cash. My question is how to arrange bridging, as we do not want the upheaval of selling our current home before buying the new one, rather we will sell at our convenience some months later - temporarily owning both homes in the interim.
Options?
Any other creative solutions would be appreciated! We have enjoyed the almost free tracker for nearly 15 years, though it sickens me to give it up, I don't see any way of taking it with me to the new home under Pepper/FI.
Options?
- Get variable rate mortgage on new home but repay it within 6 months, already confirmed with bank that finance will not be a problem. Originally I presented as renting our current home but having reconsidered we will more likely sell due to high tax on rental income and the hassle. Any issue with early repayment on variable after 3-6 months?
- Refinance current mortgage and buy new home all cash. Not sure if FI will do a deal but worth a try. Maybe the loss-making tracker can be used as leverage to get temporary finance? This would push close to 90% LTV on the current home. I am OK offering both homes as security but not sure if the bank/legal systems can handle this scenario.
Any other creative solutions would be appreciated! We have enjoyed the almost free tracker for nearly 15 years, though it sickens me to give it up, I don't see any way of taking it with me to the new home under Pepper/FI.