You want buy but you need to sell at the same time. You certainly don’t want be left houseless for a couple of weeks or months. This is already a complicated situation before you add in finance and mortgages.
So how do you juggle a sell and buy at the same time? There are a few different options
- A bridging loan – this a loan that will cover you for the deposit while you wait for your house to sell
- Extend the settlement of your sale so you have time to find another property in the mean-time
- Request to rent your house from the new owners in the short-term while you find a new house
It is worth exploring these options with your mortgage broker. Depending on what funds you have available, your borrowing capacity and several other items you may not have all the options available to you.