Buying a Retirement Property Before Selling Your Current Home
At Rockhopper Later Life Finance we help customers aged 55 and over who want to buy a retirement property before their current home has sold. Securing the retirement home you want, when the right one is often in short supply, can mean needing the funds before your sale completes. We explain the options for managing that gap.
We work with customers who:
- Have found a retirement property and do not want to lose it while their home sells
- Are in a chain that has stalled or broken
- Want to move into the new home and sell the old one afterwards
- Are unsure how to fund a purchase before a sale completes
- Want to understand the cost and risks of short-term finance
- Are downsizing and expect the sale to repay any short-term borrowing
- Want to plan the move without time pressure
The worry of losing the retirement property you want while waiting for your own sale is real, and the pressure can be considerable. We explain the ways to manage the timing calmly, including the costs and risks, so you can decide what is right rather than acting under pressure.
One way to buy before selling is bridging finance, a short-term loan secured against property that is repaid once your current home sells. It lets you complete the purchase first and the sale afterwards, but it is short-term borrowing and the overall cost can be higher than a standard mortgage.
Bridging finance carries risks that need to be understood. If your current home takes longer to sell than expected, the borrowing continues, and you should be comfortable that a sale is realistic within the planned period. We will only suggest it where it is a sensible fit for your circumstances.
Other routes may avoid the need for short-term finance, such as agreeing a longer completion, renting temporarily, or arranging the chain differently. A lifetime mortgage on the new property may also be relevant in some cases.
We research the market and recommend the route we believe fits. Where bridging or a lifetime mortgage is involved, we explain the costs and risks in full, and we may suggest independent tax advice alongside our mortgage advice.
The Process
Your first conversation is an informal discussion about the property you want to buy, your current home, and your timescales. The earlier you speak to us, the more options are usually available.
We complete a full fact-find, assess how realistic a sale is within your timescale, and research suitable lenders. We compare the routes and provide a written recommendation explaining the costs and risks.
Every move is different, and we keep you informed at each stage.
Speak to a Retirement Property Specialist
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.