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Trading Up Questons

NV011956 · 2014-10-03 14:37:44

Hi all, my wife and I are currently contemplating trading up our 3 bed semi to a larger house out the country, fingers crossed! We have very little research done on the actual procedure so I suppose we have a few questions which maybe ye could answer. 1. Do we sell our existing house first and then find our next house and…

03-10-2014 2:37pm

#1

NV011956

Registered Users, Registered Users 2 Posts: 41 ✭

Join Date: June 2007

Posts: 32

Hi all, my wife and I are currently contemplating trading up our 3 bed semi to a larger house out the country, fingers crossed! We have very little research done on the actual procedure so I suppose we have a few questions which maybe ye could answer.
1. Do we sell our existing house first and then find our next house and begin that process?
2. Do we need a deposit based on the price of the new house or on the amount we will be increasing our mortgage by?
3. Can we approach our bank and get mortgage approval based on us selling our existing property or do we wait until we have our current house sold?

I know probably very basic questions but thanks for the help.

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