Transitioning between homes can be a very stressful process.
You have to co ordinate buying and selling. Often it isn’t practical to make both transaction happen at the same time. Do you buy the new property before selling your home. What happens if you can’t sell on time? Where do you get the deposit from when your wealth is tied up in the equity of your existing home.
Whilst the safest option is to sell first, sometimes that may mean missing out on your dream home. We can advise you on your options such as Bridging Finance, Deposit Bonds or equity release to fund a deposit. It is important that you consider your finance options before taking action! We will help you be prepared!
Bridging Finance means that the lender advances funds to buy your new property while you still own your existing one. For a time you have two properties and two mortgages. You have to be able to service this commitment and the risk of not selling falls on you. Not every lender offers this facility. We can arrange this type of finance if that is the option you choose.
A Deposit Bond is a guarantee to pay the deposit if you do not. It is not cash so a vendor requiring your deposit to be the deposit on their next purchase will not accept a Deposit Bond. It is important to discuss the use of a Deposit Bond with the agent during negotiations if you intend to use one. Insight Lending is accredited to arrange a Deposit Bond on your behalf with two providers.
Whether you are looking to upgrade to a larger family home or downsize to a more manageable home, moving home can still cause headaches. We want to reduce that stress as much as possible so you can focus purely on finding the best house for you. With our brokers doing all the research into our large panel of lenders on your behalf you can be confident that you will get the most competitive rate for a product that meets your needs.
If you have built up equity in your current home you may not want to sell it but rather convert it to an investment property. This decision has significant taxation implications. We can assist you understand the implications of retaining and renting out your existing home.
For more information on investing in property click here: Investment Property.