property / money help

b21playa

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

herbiesjp

Do you have enough equity in your current property to release the £60k needed?

b21playa

herbiesjp wrote:

Do you have enough equity in your current property to release the £60k needed?

currently property has never had a mortgage on it, worth £110 - £120k so yes

need the cash for about 2 years, enough time to do the new house up and sell the old one

can i get a mortgage that pays the interest and just pay the lump sum back in 2yrs

herbiesjp

Could you raise the money from this property then, on a short term interest only mortgage basis - the mortgage would have no Early Repayment Charges

Is this property on the market already?

Once the sale on it has completed you then pay off the mortgage and keep the balance

HTH