Hi all
I'm 38 and am in the fortunate position that I currently live in a property worth approx 175k that has no mortgage.
I'm looking to upgrade and am looking at a new property probably in the region of 350-400k on which I'll need a mortgage (which should be obtainable with no issues based on my current income).
I live in urban Manchester and am looking to stay in that area, so I think it can be quite competitive, although currently the type of place I've seen on Rightmove that attracts my interest is often on the market for many months.
Basically I am trying to work out which of the following options would be better:
Option 1: sell my property and buy new one simultaneously. Obviously this would give me a very good LTV for the new mortgage and means I pay the lower rate of stamp duty, but it also means I've got a chain at my end (though my current place is likely to be bought by either an investor or first-time buyer who won't be selling their own place).
Option 2: buy a new property and sell mine after, so I've got no chain at my end (and can take my time moving). Downside is that I have lower LTV (though I have enough for a 10% deposit) and would have to pay a higher rate of stamp duty as I'd be buying an additional home, but my parents could loan me the money for this and I can seek a refund of the higher rate once I've sold my old place.
Any thoughts? At the moment I am leaning towards option 2 as I guess I could get a 2-year fixed mortgage and then get a better deal once that period is over and I've sold my old place by paying a large chunk off.