Bridging Finance...how does it work?
Bridging Finance: A loan taken where the purchaser wishes to buy a new property before selling their existing property. The lender will take security over both properties until the initial property is sold.
So very very handy when you don’t want to have to pack up and move twice! It also allows you to commit to that dream home that you find immediately after you decide to just sell yours first and then see what’s on the market.
OK, there are pitfalls:
you have to have a tonne of equity in your home to qualify,
interest can add up
and you’re taking a risk if you can’t sell your place,
but honestly worth a look at.