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2nd time buyer question

GUNSKK · 2022-01-11 17:26:41

Hi All, We have a mortgage on our existing property and are in positive equity. We want to move to a bigger home as our family is growing. We have the full 20% deposit excluding the proceeds from the sale of our existing house. We are mortgage approved for the new house, however, a stipulation is that we need our house…

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11-01-2022 6:26pm

#1
GUNSKK

Registered Users Posts: 2 ✭

Join Date: June 2016

Posts: 0
Hi All,
We have a mortgage on our existing property and are in positive equity. We want to move to a bigger home as our family is growing. We have the full 20% deposit excluding the proceeds from the sale of our existing house. We are mortgage approved for the new house, however, a stipulation is that we need our house sold before release of funds. We are not in a position to rent between selling and buying. Is it possible for the two processes to work together and for us to go sold on our house. Send the details to the bank for the release of the mortgage on the new house. Suppose can we ask the buyers to wait for us.

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#2 11-01-2022 7:53pm
Kurooi

Registered Users Posts: 499 ✭✭

Join Date: May 2012

Posts: 451

Yes that's called a property chain and it's common. You try to time the two transactions close to each other.

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