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Many people’s experience of selling a house is one involving a long, slow, painful process. The frustration can be made worse when you calculate exactly what a slow house sale costs you – because the reality is that a quick house sale could save you thousands of pounds.
No quick house sale equals chain
If you are not in a chain – ie, not buying another house after you sell yours – then the cost can be hard to bear. If you have a mortgage for £200,000 – the average cost of a UK home today – then every day's delay will cost you around £30 in accrued mortgage interest. That's nearly £1,000 each month – money that you could have in your pocket with a quick house sale.
For those buying another house when they sell their current one, the costs can be even greater. If you find the house of your dreams, and agree to buy it, you have two options: you either finalise the purchase before you sell your own house, or you wait until you sell yours before you do so.
Not selling your house quickly fraught with risks
Either option is fraught with risks. Holding on for your hoped-for asking price means you risk losing out on the home you want to buy – either through being gazumped or the vendor losing patience. Finalising the purchase before you sell means you need an alternative method of financing in place – normally a bridging loan, so called because it bridges the gap between you paying off the mortgage and actually selling the house.
While bridging loans mean you secure your dream home, and take a lot of the stress out of being "stuck in a chain", they can be financially crippling. In effect, you have two mortgages – and because this is financially risky, the bridging loan company will charge you a higher rate of interest.
Option three: quick house sale
If the first scenario above cost you £30 a day, then taking out a bridging loan could hit you for £40 to £50 a day over and above what you could be paying. And that's before the full implications of having two loans to pay – the potential for running up debts in other areas, with the consequent charges and interest payments that brings – are taken into account.
A third option exists, of course – securing a quick house sale in the first place. And that's the way that could literally save you thousands of pounds.
Get a quick house sale with The Smarter Choice
The Smarter Choice is a company that's dedicated to helping you to sell your house. We're available 24 hours a day, seven days a week, and we try to ensure that you get a written valuation for your property within 48 hours of your enquiry. We offer a guaranteed, stress-free sale for a fair cash price. Call us FREE on 01632 960543 now or use our online enquiry form and we will get in touch with you as soon as possible.