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tracker mover- negative equity. buy/ sell same day

dublingirl83 · 2019-11-08 23:30:19

hi, can i ask has anyone had experience trying to close the sale of a property and the purchase of new house on the same day. We are in the process of selling our home to trade up. Currently we have a tracker mortgage, its in negative equity of about 15,000 with PTSB. The have offered us a mortage mover, keep the tracker…

09-11-2019 12:30am

#1

dublingirl83

Registered Users Posts: 119 ✭✭

Join Date: September 2008

Posts: 93

hi,
can i ask has anyone had experience trying to close the sale of a property and the purchase of new house on the same day.
We are in the process of selling our home to trade up.

Currently we have a tracker mortgage, its in negative equity of about 15,000 with PTSB.
The have offered us a mortage mover, keep the tracker rate + 1.25% on amount owed and then a top up amount with the current fixed or variable rate.

The main condition of the mortgage is that we must sign the contract for the new house and our sale on the same day.

I'm worried this could become a bit of a nightmare- any potential new homes we see will the owner be reluctant to accept an offer from us if our house is not sold, same with potential buyers- we could accept an offer but wouldn't know how long then to find new home, couldn't offer closing date?

has anyone done this type of move, any tips, advice?

we had the EA around our house today for a valuation and he said that he had some residential investors in mind that might want to buy the house and he could negotiate a deal with them that could give us 6 months to find something.
that sound normal practise?
he said plan b - would be that we could end up having to offer 10% more than other buyers to try secure a new home because of potential delays

thank you

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