How To Buy A House When You Haven`t Sold Yours

The property sale chains can cause many issues for buyers and sellers alike, and in many cases you are not able to purchase a new property before the sale of your current home. But there may some different options you may consider if your dream home has come up and you wish to move quickly to purchase your new property. You are able to make an offer to purchase a new property even if you havn`t sold your own property yet, some sellers may accept your offer but many may keep the property for sale until you have sold your own property. This means that even if the sellers accept your offer in principal another buyer may be able to get the jump on you if they are not in a chain.

Get Your Property Sold

The easiest option is to sell your property, you can do a lot of things to try and push the sale of your property, if your house has been on the property for a long time then you may need to consider why it isn`t selling. Is it to expensive? does it need renovation or home improvements, are other properties in the area slow moving? A solution to all these questions is to reduce the price for a quick sale. Promotion of your property is also of vital importance, make sure your estate agent is doing all they can to sell the property, in addition you can help publicise your property, get yourself on social media and promote your property for sale in local groups and property pages. While your property is for sale, why not give us a call at First Choice Finance and get the ball rolling on a mortgage for a current property, one of our advisers can talk you through your mortgage options and give you the facts and figures you need before making an offer on your new home.

Consider Renting Out Your Current Property

Depending on your current circumstances you may consider turning your current property into a buy to let, this will depend greatly on the amount of equity you have in your current property as well as your overall financial situation. Being a landlord has a number of advantages and drawbacks, firstly if you find a good tenant you are able to receive a good income from your property that can be paid towards your mortgage, helping build equity in your property. A drawback of turning your property into a buy to let property is that if you are unable to find a tenant or have bad tenants then your property can be a drain on your monthly finances. Our mortgage advisers are experts in Buy To Let mortgages and are happy to discuss your mortgage options.

Bridging Loans

In some cases you may be eligible for a bridging loan, although to get the money you need in the short term, these should be considered very carefully before proceeding, they can be expensive and designed to be short term finance so will need to be paid off quickly, and can have large fees if you do not pay them off in a timely manor. First Choice have bridging loan options as well as numerous mortgage plans, our advisers will be happy to discuss the different options available for your individual circumstances.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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