D
doubledecker
Guest
Hi,
We are currently looking to buy a new family home to get much needed space
Unfortunately such homes in our area cost approx 1.2 M. We need to purchase the new house quite quickly
Fortunately however we have two existing properties with minimal mortgages whose combined value is slightly above the new home's asking price .
Recognising the delays involved today in selling a home(s), we are considering getting a mortgage for most of the new price against the existing homes and possibly renting them out.
Does this makes sense and does that limit our ability to pay off part of the new mortgage if we manage to sell 1 of the existing homes. We do not want to accept a below value price for a house or would rather wait for a sale.
Should we consider interest only mortgage whilst we await the sale
Is this a better option than getting a bridging loan , say for 6 months
All advice welcome
DDecker
We are currently looking to buy a new family home to get much needed space
Unfortunately such homes in our area cost approx 1.2 M. We need to purchase the new house quite quickly
Fortunately however we have two existing properties with minimal mortgages whose combined value is slightly above the new home's asking price .
Recognising the delays involved today in selling a home(s), we are considering getting a mortgage for most of the new price against the existing homes and possibly renting them out.
Does this makes sense and does that limit our ability to pay off part of the new mortgage if we manage to sell 1 of the existing homes. We do not want to accept a below value price for a house or would rather wait for a sale.
Should we consider interest only mortgage whilst we await the sale
Is this a better option than getting a bridging loan , say for 6 months
All advice welcome
DDecker