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If you buy a new home before you manage to sell your current one, you’re likely to need something called a bridging loan. This is a short-term, interest-only loan that’s designed to help you ‘bridge the gap’ between buying and selling.
You’ll continue to pay your old home loan at its usual repayment rate and you’ll also pay the bridging loan on your new property. Interest rates on bridging loans are 1% higher than our standard variable rate.
A bridging loan can make the difference between getting the right house and missing out. But if your current house takes a while to sell, you could be stuck paying two loans for a while. If your house sits on the market for a long time, you might also have to drop the price, getting less than you expected for it, which means you could end up with more debt than you planned on.
Selling your current house before you buy a new one means you won’t end up stuck with two mortgages. You’ll also have a better idea of your budget as you’ll know exactly how much you have available to spend.
The downside to this approach is there’s no guarantee you’ll be able to find your next home before your house sale settles. This means you could find yourself back renting for a while as you house hunt.