new house funding options?

[mickymellon1]

my current flat is on the market and I am looking to buy a larger house in the 'burbs with the proceeds.

Whilst its on the market

I could get a 2nd mortgage and put down the required 20% which wipes me out and I have to hope it sells quickly

I could get a bridging loan (dont know much about these)

- are there any other options? can I use my current flat as the deposit for the new house until it sells so keeping some cash?

Can I put down some cash and show / potentially sign over my share portfolio?

or rent my flat out for 6-12 months and move in with the inlaws or something (I can move out of my place for the interim)

or any other ideas?

[Sarnie]

mickymellon1 said:

my current flat is on the market and I am looking to buy a larger house in the 'burbs with the proceeds.

Whilst its on the market

I could get a 2nd mortgage and put down the required 20% which wipes me out and I have to hope it sells quickly

YOU COULD DO THIS AS LONG AS YOUR INCOME COVERS BOTH MORTGAGES ON AFFORDABILITY AND THE NEW LENDERS ACCEPTS IT.

I could get a bridging loan (dont know much about these)

YOU COULD DO THIS BUT IF YOU HAVEN'T EVEN GO A BUYER FOR THE FLAT YET, IT COULD GET VERY EXPENSIVE IF YOUR FLAT CONTINUES UNSOLD

- are there any other options? can I use my current flat as the deposit for the new house until it sells so keeping some cash?

NO.

Can I put down some cash and show / potentially sign over my share portfolio?

NO

or rent my flat out for 6-12 months and move in with the inlaws or something (I can move out of my place for the interim)

NOT SURE HOW THIS WOULD HELP YOU PURCHASE A NEW PROPERTY? DO YOU MEAN RENT IT OUT WHILST TRYING TO SELL IT?

or any other ideas?

WAIT TILL YOU AT LEAST HAVE A BUYER FOR YOUR FLAT?