OK, hopefully next January or February I'll have managed to get the mortgage paid off on the house. However me and my partner would like to move somewhere a bit further out in the suburbs once we've achieved this. My question is, is it possible to get an interest only mortgage (paying only the interest) secured on our current home and move without actually waiting for the house to sell? This would allow us to move without the hassle of being stuck in a chain and would make the house easier to sell being a vacant possession. I know its a bit risky going on the assumption the house will actually sell, and we'll be paying interest on a house we don't even live in while its for sale, but it will be a lot cheaper than what we're paying now anyway so quite affordable. Obviously once the house does sell then we'd pay the mortgage off again, factoring in the difference of the property prices.
Anybody done this or advise?