Moving House

Hi All,

has anyone got experience of moving house which is mortgage free to another house?

Current home is worth circa 400k and we are looking at houses in and around that price just outside of the city.

We have savings of about 30k which is earmarked for our wedding next year.

Presumably we could use our current savings for the "holding deposit" and then once the sale of our house has gone through we can use those funds to purchase our new home?

We're also conscious of the fact that a house we bid on wants to be closed before we have closed on the sale of our home, if so what are my options?

Thanks in advance guys.

bop1977

Look into getting a bridging loan from the bank rather than using your savings. you will pay a few months, then when the sale is all done pay off the loan and you might even have a few quid out of it.

https://www.boards.ie/discussion/comment/118882818#Comment_118882818

Thanks for the reply, are these type of loans that common nowadays? I read, elsewhere, that they are a dying loan?

Geuze

https://www.askaboutmoney.com/threads/why-did-banks-stop-doing-bridging-loans.226691/#post-1765622

See discussion on AAM.

https://www.boards.ie/discussion/comment/118886823#Comment_118886823

Thanks for that!