In this brief guide, we are going to discuss the statement “I Can’t sell my house but want to buy another” and provide you with certain options to sell your house quicker.
If you cant sell your house but you want to buy another then there are various options you could take.
In this guide, we are going to discuss the various options when you have a house you want to buy but cannot sell your current house.
The main options you have if you can’t sell your house but want to buy another are:
- Reduce your asking price
- Get a let to buy mortgage
- Sell your home to a home buying company
- Sell your house at an auction
Reduce your asking price
If you cannot sell your house ut you want to buy another one then the best thing to do will be to reduce your asking price to a level where you could potentially drum up interest for your home.
This may increase the number of people who want to buy your property and potentially lead to a sale.
Let to buy mortgage
If you can’t sell your house but you want to buy another house then you could consider asking your mortgage lender if they will offer you a let to buy mortgage.
A let to buy mortgage will allow you to rent out your current house and then provide you with a mortgage to buy another house.
This will mean you can take your time and sell your property at the right price rather than having to reduce the property price to drum up interest.
Sell your home to a home buying company
Another option if you cannot sell your house but want to buy another house is to sell your house to a home buying company.
There are various home buying companies available which will allow you to sell your house to them but beware that these companies will usually offer you below the standard market value of your house and this might limit your financial ability to purchase another house.
Sell your house at an auction
Another option if you can’t sell your house but want to buy another is to sell your house at an auction.
Selling your house at an auction may be viewed as risky as you may not get the final bid price which you were seeking.
Once you have sold your house, it is likely you may need a mortgage to get a new house. For your new house, you should consider using a mortgage broker.
Use a mortgage broker for your mortgage in principle
You may want to use an independent mortgage broker to help you get a mortgage on your new home.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document that details the features of your mortgage including how much you will pay per month.
It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.
They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer, and set a completion date with the seller or their conveyancer.
This will then bring an end to the conveyancing process, at which point you will receive the keys to the house and move in.
In this brief guide, we discussed the statement “I Can’t sell my house but want to buy another” and provide you with certain options to sell your house quicker.
If you have any questions or comments please let us know.
If you are in need of advice about your money and you live in the UK then you may contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.