Advice on moving home?
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I have 10% deposit to put down on a new home. I currently have a mortgage and would be able to put down another 30% after i sell my current home. How does the system work in regard to this?
I dont really want to take out a bridging loan, would i have to sell my current home before i can buy the new one? Would they take the value of my current property into account when working out a new mortgage?
Advice on moving home?I advise you to sell your place first and then complete contracts on your new home purchase and existing home sale on the same day. This is the way most people do it, so I'm sure that banks and solicitors will be able to advise on this.
A word of caution - don't touch bridging loans with a barge pole. They should be an absolute last resort and even then are rarely worth it. Also get advise from lots of sources - not just your estate agent who is just after the sale!
Good luck.
Ed
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