Hope you get some answers to this. I’d quite like to buy my daughter’s bungalow, if and when she decides to sell. On the open market, it would sell in a minute. My house - probably /possibly not so, although I don’t know for sure.
Anyway, in Spring last year, I thought I’d ask about bridging loans to get some ideas of cost. Virgin Money hadn’t heard of them and thought I wanted to buy a bridge! My own Bank was helpful, a few calls were made and I was told that I needed X amount of money to hand to qualify! Had I anywhere near that amount, I could’ve bought the bungalow outright without a loan - it was madness.
Although I’m not keen, would an option be to sell your existing property, downsize the furniture and rent somewhere smaller until the right house for you comes onto the market and you’re then in prime position to offer a 28 day completion on the purchase?
The Government brought in a scheme where banked funds from a house sale going towards another aren’t subject to tax for a certain period of time. You’d need to get advice on that, as it might’ve changed.
April 22nd Limerick (July '21 & July'23 AND....)
