Trading down & bridging loan

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niallo34

Registered User
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My parents are selling their home and moving to a smaller house. Their own home is just on the market and should sell quite easily. They have put a bid in on another house. My question is this.

Should they go Sale agreed on the other house and are under pressure to complete the sale before their own house is sold/sale completed, whats the best option?

Would they have to get a bridging loan to cover this? The house they are selling is worth far more than the one they are buying.

Thanks
 
Even though this is easy money for the banks they are inclined not to want this type of business. It is actually too much trouble for them. If your parents have a good relationship with their bank they might tempt the bank by offering to place a substantial deposit with them on completion of the sale of their own home.
 
Thanks for that. I'll get him to drop into the bank and try and tempt them with a large deposit after the sale.
 
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