Raise 120k to 150k quickly

toffee'n'tom

Not sure if this is posted in the right section but here goes.

I need to raise between 120 and 150k to buy a property/land at auction or to make an offer prior to auction. I have no difficulties whatsoever raising the money on my exisiting property, the problem lies with the availability of the money. All mortgage lenders are quoting 6 to 8 weeks for the agreement of the money. The auction, even if a prior price is agreed, need full payment within 28 days of the auction/price being agreed.

Have checked with my current mortgage lender who quote the same 6 to 8 weeks. Does anyone out there have any ideas. Have looked at secured loans but not made any phone calls yet.

thanks

Newbird

Last year we had this prob and HSBC sorted a mortgage and reckoned they could get it thru for us in 28 days. Make clear to yr lender its an auction buy, and needs to complete in 28 days. It didn't happen in the end, so not tested.

Have you asked the auctioneer what happens if you went a few days over the 28days? They may be able to forgive a bit...

Depends on the date of auction, or if you can get an offer accepted to stop it going to auction, to give you more time.

Have you got an actual offer lined up, or is it all just at the thinking stage?

You will also need your legals in place and ready to go, ie.solicitor on standby.

Sorry if you know all this already, just trying to help!

getmore4less

If you don't get sorted this time

Consider a flexable/offset for as much as the current house will take on a long term.

Instant access to as much as you can get when you need it.

Don't use the facility once set up the cost is small for the convenience

TEDDYRUKSPIN

Normally they will quote 6 to 8 weeks. But if the company has your deeds and already holds 1st charge on that property, they can usually release it within 2 weeks.

I always suggest to get the whole process prepared as you are actually getting a further advance. Don't tell them to draw it down and then go shopping for your auction property.

luckyfool

toffeentom wrote: »

Not sure if this is posted in the right section but here goes.

I need to raise between 120 and 150k to buy a property/land at auction or to make an offer prior to auction. I have no difficulties whatsoever raising the money on my exisiting property, the problem lies with the availability of the money. All mortgage lenders are quoting 6 to 8 weeks for the agreement of the money. The auction, even if a prior price is agreed, need full payment within 28 days of the auction/price being agreed.

Have checked with my current mortgage lender who quote the same 6 to 8 weeks. Does anyone out there have any ideas. Have looked at secured loans but not made any phone calls yet.

thanks

Is the auction imminent, or can you line up the funds and have the application process started now so that you are ready to draw down the funds in plenty of time?

A further advance should certainly not take 6-8 weeks, and there are some mortgage lenders who can pretty reliably do a remortgage within 4 weeks. You just need to be very careful in choosing which one to go with.

A secured loan is unlikely to be cost effective, and typically they only want to lend up to £100,000 as a maximum.