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mortgage / property help
b21playa
Posts: 80 Forumite
Hi fellow boarders
Need a bit of advice.
Living with the parents at the money and looking to move house.
now the thing is we want to find and move into the new house before we sell the old one.
We have the majority of the funds for the new peoperty in cash but need another £60k
Now when the old house is sold this will release some capital.
Is there any sort of mortgage or loan that can be taken out of a year or 2, or a loan untill we can pay back the amount? without large penalties
if anyone has any other idea, my ears are open.
thanks in advance
Need a bit of advice.
Living with the parents at the money and looking to move house.
now the thing is we want to find and move into the new house before we sell the old one.
We have the majority of the funds for the new peoperty in cash but need another £60k
Now when the old house is sold this will release some capital.
Is there any sort of mortgage or loan that can be taken out of a year or 2, or a loan untill we can pay back the amount? without large penalties
if anyone has any other idea, my ears are open.
thanks in advance
0
Comments
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if you can afford it, look into bridging finance. This is a short term loan that you can take to cover the shortfall temporarily. It is expensive mind, and in my opinion requires specialist advice and should only be used as a last resort. I personally don't know of any specialist firms that do it, but ask around on the mortgages and endowments board there's loads of advisors on there that could help you.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote:if you can afford it, look into bridging finance. This is a short term loan that you can take to cover the shortfall temporarily. It is expensive mind, and in my opinion requires specialist advice and should only be used as a last resort. I personally don't know of any specialist firms that do it, but ask around on the mortgages and endowments board there's loads of advisors on there that could help you.
are the rates high?0 -
To be honest I'm not sure. I've only been a mortgage advisor 9 months so have never really had to get involved. best thing to do is post on the mortgages and endowments board asking for advice on bridging finance. sorry I can;t be of more help.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you get a straightforward mortgage without tie-ins or early repayment penalties then you can repay it any time you like.0
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