Just wondering on the logistics of buying a new home mortgage wise. New build requires 10per deposit which we have and new build will not be ready for 15months. Bank will give us 80per mortgage so the other 10per needed is tied to equity in current home. We currently have a tracker mortgage so would be transferring this to new mortgage. If we sell current house long before new build is ready can they put our mortgage on hold til we move into new house or would we have to draw down new mortgage? Or do we keep paying existing mortgage and bank the equity and then draw down new mortgage when we move into new house?? Painful having to pay mortgage and possibly rent but hoping to get my facts straight before entering into anything.
Appreciate any advice/feedback
Appreciate any advice/feedback