Buying and selling a house at the same time

Author - Adil Choudry Editor - Helen Lovell

Last reviewed on 11th February 2025

In this article:

• How to buy a new home if you already have a property

• Your mortgage options if you buy and sell at the same time

• 9 tips for buying and selling at the same time

How to buy a new home if I already have a property

You have a few different options when it comes to moving home...

• Sell your current property first and buy later

• Buy another property first and then sell your existing property

• Sell and buy at the same time

Let's explore these options further.

1. Sell up and buy later

Some homeowners sell their property before looking for a new one to avoid the pressure and stress that comes with being part of a chain. However, once you’ve sold your house you’ll need to find somewhere else to live in the meantime. This often involves renting or moving in with family or friends.

Pros of selling your house first:

• You could be in a stronger buying position if you’re not dependent on the sale of a property

• You might sell your home faster, as there’s no onward chain to worry about

Cons of selling your house first:

• You’ll need to find temporary accommodation once you’ve sold your property 

• It involves moving home twice - which also means double the removal costs 

• The mortgage transition won’t be as smooth. You may face early repayment charges when you redeem your mortgage, then you’ll also need to arrange a new mortgage for the property you want to buy  

• You run the risk of your circumstances or the property market changing over time

• You could still end up in a property chain if your seller is looking to buy another home

2. Buy first, and then sell

It’s rare for homeowners to buy a new property before selling their old one, but it is possible.

This often involves taking out a second mortgage to pay for a new property while you wait for your current one to sell. A second mortgage can be harder to secure as lenders will need to be confident you can afford two mortgage payments each month. Most people rely on the proceeds from the sale of their home to be able to afford the deposit on the new home, too, which limits your options further. 

A let-to-buy mortgage could allow you to switch your existing property to a buy-to-let mortgage while you simultaneously take out a residential mortgage to buy your new property. It’s a relatively niche mortgage product with quite strict lending criteria, so it’s worth consulting a mortgage advisor to find out whether a let-to-buy mortgage is a suitable option for you. 

You could also potentially look into a bridging loan. This is a short-term secured loan that usually carries much higher interest rates compared to traditional mortgages. While bridging loans can be useful, they are considered risky.

Pros of buying a house before you sell:

• You’re not reliant on the sale of your current property to buy a new one

• You can take your time to find your next home 

• You won’t need to find temporary accommodation while you wait for your property sale to go through

Cons of buying a house before you sell:

• You may need the funds of your house sale in order to buy a new property, which could limit your options

• A bridging loan could be expensive and may only last up to 12 months, which puts time pressure on your house sale 

• Let-to-buy mortgages are complex and you’ll be responsible for two mortgage payments unless you consistently have tenants in the rental property

• If you buy a second property while you’re waiting for yours to sell, you’ll need to pay a higher stamp duty (though you may be able to reclaim this depending on when you sell the rental property)

3. Sell and buy at the same time

It’s most common to find a buyer for your current home at the same time as finding a property you want to move into. If you decide to do it all at the same time, it’s likely you’ll enter a chain. That’s where the sale of your home and/or the purchase of your new property is dependent on another sale or purchase happening. 

Being part of a chain of buyers and sellers can be complicated and sometimes stressful, as it’s reliant on a group of people completing their property purchases at the same time.  

Chains can collapse for lots of reasons - maybe a seller decides to stay in their current property after all, or a buyer reduces their offer late in the process (known as gazundering). Even if everything goes smoothly, coordinating lots of moving parts simply does take time.

Pros of buying and selling at the same time:

• You won’t need to worry about finding temporary accommodation - you’ll move straight from your old home into your new one

• You’ll be able to use the proceeds of your sale for the deposit on your next home 

• You could save money on a variety of things, from the cost of moving twice to the potential expense of a bridging loan

• You can buy and sell in the same market conditions

Cons of buying and selling at the same time:

• Coordinating the sale and purchase of two properties can be more complex, and can therefore take more time

• You’ll be reliant on other sellers and buyers in your chain, which can increase the chances of something going wrong

• It could cost you time and money if your chain collapses 

• You’ll have reduced negotiating power when buying as your purchase is reliant on the sale of your property

What are my mortgage options when I buy and sell at the same time?

You have a few different options when it comes to getting a mortgage for a home move: 

• Porting a mortgage. You’ll essentially transfer your existing mortgage deal over to your new home. This can be most suitable if you’re moving to a property of similar value to your current one. Note that not all lenders allow this.

• Finding a home mover mortgage deal. If you aren’t able to port your mortgage (if you’re upsizing, for example) or you want to compare deals across the market, remortgaging might be suitable. This basically involves finding a fresh mortgage deal. Be aware of early repayment charges if you choose to swap to a new mortgage before your existing deal ends, though. 

You’ll be able to sell your current property and buy a new one as long as you sell it for a greater amount than the outstanding balance on your mortgage. If you have unfortunately ended up in negative equity, you may need to increase your loan-to-value ratio before moving home.

9 tips for buying and selling at the same time

1. Communicate

No one wants radio silence. Touch base with your broker, solicitor and estate agent regularly so everyone in your chain is always kept in the loop. You’ll probably be asked for documents and ad-hoc requests for information along the way, so respond as promptly as you can to avoid being the reason for any delays.

2. Work with a mortgage broker

You’ll have enough on your plate with a house move without worrying about finding a mortgage deal too. Working with a mortgage broker saves time and hassle as they’ll scour the market on your behalf to find the most suitable deal for you. 

3. Be flexible 

View a property chain as one big team if you can. And teamwork makes the dreamwork, as they say. There’ll always be set dates another buyer will want to work towards, or certain times of the year when someone in the chain won’t want to move. Try to be as flexible and accommodating as you can so everything ticks along nicely.

4. Get key documents ready

You’ll need lots of different documents during the home buying process. This includes documents relating to your property such as a valid Energy Performance Certificate, certificates for any building work, and any new appliance guarantees right through the documents you’ll need during a mortgage application such as proof of ID (passport and driving licence) and proof of address. Write down a comprehensive list of all the documents you’ll need, and set them aside in a separate folder so you have them to hand when you need them.

5. Get organised in advance

You could have months to wait between offer and completion, so why leave it until that final week to start packing up? 

Organise a thorough clear-out way in advance so you’re only leaving the essentials to the last-minute. After all, there’s no point in taking things you don’t need with you only to throw them away later. 

6. Arrange your move as soon as you can 

While you shouldn’t lock in removal vans and start packing up your essentials until you’re certain the sale is going ahead, it’s worth getting organised in advance. For example, get a few quotes from removal companies and pencil in a rough moving date with them so that’s one less thing to worry about when you’re in full-on home move mode.  

7. Arrange insurance for exchange

You need to arrange buildings insurance from the day of exchange, not completion. This might mean insuring both your old and new properties at the same time for a short period but it really is essential you have the appropriate insurance cover in place.

8. Avoid completing on a Friday

Fridays are typically the busiest day for completions, which leads to banks and solicitors dealing with a high volume of transactions. If something goes wrong, or there’s a delay at the bottom of the chain, you could be left in limbo until Monday as most offices close over the weekend. It’s therefore always worth pushing for a mid-week completion date if you can. 

9. Work with the best in the business

We’re not going to sugarcoat it - buying a house can be stressful. But, once you’ve collected the keys to your new home, it’ll all be worth it. 

Working closely with experts can help to take some of the stress away. They’ll not only be the ones dealing with most aspects of the sale and purchase, but they’ll also be responsible for communicating with everyone involved in the process. 

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