Are here any creative solutions to this situation?
Our flat has been on the market for quite some time, we should have reduced it sooner but we've just had a baby and there is very little stock on the market where we'd like to replicate to, so selling has been a low priority for us. We had a viewing on it today, so depending on feedback we can reduce the asking price on Monday.
We've just been to see a place today that we really like the look of. It's priced to sell, has loads of potential, and while it needs a proper upgrade it's clean and liveable now.
We have a 5 yr fix, with 2 years left on it. We can port our mortgage and increase the borrowing on our current deal, and our finances/earnings support an increase in borrowing. So selling our flat and then moving is obviously the standard protocol.
The key point here is that, if push comes to shove, we're able to put together the necessary deposit for the new place without needing to sell our current flat. Such a process would all be relatively tight on our finances, so to speak, but it's doable. We'd still look to sell our flat, but it would give us a much more flexibility to buy now and sell later. We'd have to fork out an extra 3% in stamp duty, but that is refundable if we all the flat within 3 years.
Is the best option - if our mortgage company allows - to flip our current flat into a buy-to-let mortgage and then take out a new mortgage for the purchase of the new house? Or are there any other ways of completing the move?
I'm going to speak to our mortgage advisor first thing on Monday morning, but keen to have a few different options in mind when I speak to him. He's a very good broker and has an excellent relationship with our lender. We could get our mortgage approved very quickly.
The house we saw is being sold by probate and has loads of interest on it - a house across the road went within 2-3 days, and we could hear the viewers before us today discussing how to make an offer.
Our flat has been on the market for quite some time, we should have reduced it sooner but we've just had a baby and there is very little stock on the market where we'd like to replicate to, so selling has been a low priority for us. We had a viewing on it today, so depending on feedback we can reduce the asking price on Monday.
We've just been to see a place today that we really like the look of. It's priced to sell, has loads of potential, and while it needs a proper upgrade it's clean and liveable now.
We have a 5 yr fix, with 2 years left on it. We can port our mortgage and increase the borrowing on our current deal, and our finances/earnings support an increase in borrowing. So selling our flat and then moving is obviously the standard protocol.
The key point here is that, if push comes to shove, we're able to put together the necessary deposit for the new place without needing to sell our current flat. Such a process would all be relatively tight on our finances, so to speak, but it's doable. We'd still look to sell our flat, but it would give us a much more flexibility to buy now and sell later. We'd have to fork out an extra 3% in stamp duty, but that is refundable if we all the flat within 3 years.
Is the best option - if our mortgage company allows - to flip our current flat into a buy-to-let mortgage and then take out a new mortgage for the purchase of the new house? Or are there any other ways of completing the move?
I'm going to speak to our mortgage advisor first thing on Monday morning, but keen to have a few different options in mind when I speak to him. He's a very good broker and has an excellent relationship with our lender. We could get our mortgage approved very quickly.
The house we saw is being sold by probate and has loads of interest on it - a house across the road went within 2-3 days, and we could hear the viewers before us today discussing how to make an offer.