Timing
If you buy before you sell, you can end up carrying two loans for a time. Short-term bridging finance exists for this situation, and it adds cost.
The numbers on both sides
- What you expect to sell for, and what is still owing on your loan.
- The costs of selling, such as agent fees, marketing and legal costs.
- Stamp duty and other costs on the property you are buying.
What happens to your current loan
You can keep it, change it, or replace it with a new one. Each choice has costs and consequences, including any break cost on a fixed rate.
If you are downsizing
If you are buying for less than you are selling, the lending question is what happens to your loan. What to do with any extra money is a question for a suitably licensed financial professional.
We can set out the lending on both sides before you list or make an offer. Contact Us. No obligation.