Next-home buyers
Your current property can be a powerful starting point, but the timing and structure of the move need careful planning.
Equity is the difference between your property value and your current loan balance. Usable equity is usually less, because lenders limit how much they will lend against the property. A valuation, your current debt and the new lender's policy determine what may be available.
Estimate your sale proceeds after agent fees, legal costs and the loan payout. Then add the deposit, stamp duty where applicable, purchase costs and moving expenses for the next home. This turns an appealing property price into a decision you can actually fund.
Income, family expenses and debts may have changed since your first loan. A new application is assessed against current lending rules, even if your repayment history is strong. Confirm your capacity before committing to a larger mortgage.
Selling first gives greater certainty on the available funds but may require a temporary living plan. Buying first can secure the right property, yet introduces timing risk and may require bridging finance. Your contract dates, settlement periods and contingency plans matter as much as the loan rate.