I'm wondering if this is the area or the correct people to ask.
We are looking at moving in the next 6 months, and we are seriously contemplating building, or buying an off the plan house (long story, I can give more details about that if needed)
What I want to know is, how does the finance side work? Do we need to have two mortgages and pay both until the house is built & we can move in & sell ours? The off the plan house has no instalment payments, just the deposit (we will have that in our equity) so is there a way to get the finance approval, but not have to pay two mortgages unless we don't sell our house in time for settlement? Or will we have to rent while our house is being built to avoid two mortgages, and would that impact on our ability to get a mortgage again?
Thanks for reading my million & one questions I hope you can help!