Buying a house that we really like and worried if the chain below us breaks we might lose it.
Just gone on mortgage calculator and realised I can borrow a lot more than I thought and if I cash in all savings, sell car I could just about cover the purchase without selling my house.
So plan would be….
Get massive mortgage with no early redemption charge.
A. Hopefully chain doesn’t break, sell/buy transaction goes through in conventional manner. Then pay back half the mortgage that wasn’t needed.
or
B. If my sale falls through, go through with purchase anyway using big mortgage, then hopefully sell my house within a few months and pay back large chunk of mortgage with proceeds.
Anyone done something like this before? Any pitfalls? Are the mortgage companies ok with this?