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House selling - buying Help with motgages!
ruth_3
Posts: 6 Forumite
I am currently trying to sell my property and have signed for my new property time is now fast approaching for me to make a descision - now i know you dont sign up before selling however, my estate agent has really let me down and over a 3 month period has only managed to get 2 people over the door- I am finding it difficlut to raise the finance - what i mean is 30% of it. i only have a small mortgage outstanding on my existing property will a lender lend me the money on the basis that i have equity tied up in my property although i have not sold mine yet? I have spoken to a broker but i just wish to cover all options before i have to lose my new poperty. help required!
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Comments
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Can you post the figures or proportion a set please? Old house value, mortgage, new house value. Don't get a bridging load unless you really, really have to.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
my existing property is valued at 215000 only owe 30% of outstanding mortgage new property valued at 245000 what do you suggest? Comments greatly appreciated!0
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If I've got this right then - You are selling at 215 with a mortgage of about 65 giving you about 150 as a deposit. This as deposit on a new property at 245 means you need a mortgage of 95. If you go for a bridging loan you would be attempting to finance 310 which, I am guessing, is a bit too much. I think as you have so much equity in the existing house that is needed for this deal to work then you can only do the deal by selling. Therefore you need to push the estate agent to get the sale and do all you can to keep the vendor or vendor's agent sweet if you really must have this new property. Best of luck.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
I am currently trying to sell my property and have signed for my new property time is now fast approaching for me to make a descision - now i know you dont sign up before selling however, my estate agent has really let me down and over a 3 month period has only managed to get 2 people over the door- I am finding it difficlut to raise the finance - what i mean is 30% of it. i only have a small mortgage outstanding on my existing property will a lender lend me the money on the basis that i have equity tied up in my property although i have not sold mine yet? I have spoken to a broker but i just wish to cover all options before i have to lose my new poperty. help required!
CONSULT THE BANKS THEY MAY ADVISE YOU ,GOOD LUCK.0 -
Bridging loans are a fortune. Perhaps you don't need a bridging loan if you can remortgage your existing house for it's current value (or % ltv) and use the £ to finance the deposit on the new property. You would then need another mortgage on the new property for the remainder. So, effectively, you'd have three mortgages (two on property number 1, one on property number 2) while you're waiting to sell your original property.
You need to ensure that the balance on what's left to pay on property number 1 is transferable to the new property, and that the new mortgage has no penalties for early repayment (because you'll be paying a lot of it back when you sell).
You'll be paying a lot in fees, and it's all a hassle (and valuations on your current home from mortgage brokers can be quite disappointing).
If I've got this all wrong - blame the insomnia.0 -
get a BTL mortgage on your place for 85% LTV ie 183k. Take a larger mortgage on the new place. Make sure both have no redemption penalties and reduce the new mortgage as soon as the old one sells.
You need to be confident that you can pay both mortgages.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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