By: dcgirl

dcgirl — Wed, 29 Jul 2009 04:30:00 +0000

You can get a bridge loan (at least that is what it is called in the US) which is a short-term loan against the property you already own, which you use as the deposit/down payment on the property you wish to buy. You pay the bridge loan off out of the money you get from the sale of the flat. Although if you can mortgage the flat outright and keep it and rent it out, and still buy the house, you will be glad for it— if the rent is close to what the mortgage is, it is paying for itself but still your asset.

By: Tapestry6

Tapestry6 — Mon, 27 Jul 2009 06:21:37 +0000

Talk to the realtor there is something call a contingency.
In other words until you sell your flat you wont’ be putting the down payment on the house you want to buy. Many sellers will cooperate with a buyer wanting to do this because they want to sell and move on..

Comments on: Should i sell my flat before i buy a house or vice versa?

By: dcgirl

By: Tapestry6