Hello,
Wondering if anyone can give us a bit of advice!! We are selling our right to buy council house for approx ?150-160k. (Going on the market tomorrow, can't complete until beginning of November, due to repayment of discount). We have seen the house we really want, but it is a repossession property so I?m assuming the company will want to move fast. This property is marketed at ?250 and we would hope to offer ?230-240 max. We have a 57k mortgage outstanding on out property and no other debt.
If we don?t want to wait for a buyer for our property (risking the other property being sold) would you advise that whether we should try to arrange a bridging loan. And if we could how much would it roughly be? OR shall we change our current mortgage to buy to let? Do tell us, what would the difference in ?'s be. We have AIP for ?250.

Thanks in advance...
Casey

Hi Casey
If you have an AIP for ?250k, why don't you just take a 100% mortgage on the new property and make sure you pick a mortgage with no redemption penalties. Then when you sell your current home you can use the equity released to reduce your new mortgage.

I wouldn't change your current mortgage. Firstly the costs of doing so would be unnecessary and secondly you?re selling it soon. You couldn't change it to BTL as your not letting it.
Keep in touch
Cayden