Bowfin Property

Property Solutions to Sell Your House Fast For Market Value

Do I Have To Sell My House Before Making An Offer For Another

It’s best to sell your house before making an offer for another, as although you can make an offer on a house before selling yours, most sellers will only consider an offer from cash buyers, chain-free buyers or those who have already accepted an offer on their existing property.

What Happens If You Sell Your House and Don’t Buy Another?

If you sell your house and don’t buy another home in the UK, you must pay the balance of your mortgage on the property and then bank the remaining equity. The good thing about selling and not buying again in the UK is you don’t pay Capital Gains Tax as long as the house was your your main residence.

How Much Can You Borrow Based On Your Rental Income?

Mortgage lenders require the rental income to be 125% of monthly mortgage payments for basic rate tax payers and 145% for higher rate tax payers for interest only buy to let mortgages. But the interest rate used to calculate the mortgage payments is the stressed interest rate not the actual rate.

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