I Need Help!!! (dream House)

pash_2

hi everyone, i have found my dream house and i need help! ours is up for sale (just) so no buyer as yet, no mortgage on this one, but this is the rub of the matter....

dont earn enough to buy outright without first selling this one.. so how do we raise the money short term till we find our buyer, bridging loan too expensive.
anyone ever been in this situ and found a do-able way round things, would be grateful for any advice anyone has please!
Pash x

HelpWhereIcan

pash wrote:

hi everyone, i have found my dream house and i need help! ours is up for sale (just) so no buyer as yet, no mortgage, but this is the rub of the matter....

dont earn enough to buy outright without first selling this one.. so how do we raise the money short term till we find our buyer, bridging loan too expensive.
anyone ever been in this situ and found a do-able way round things, would be grateful for any advice anyone has please!
Pash x

There is really no quick answer. An adviser may be able to look at a buy to let remortgage with no tie in on your current property to release equity to act as a deposit on the new house. This could be combined with a residential mortgage on the new property (in theory on interest only for a period to help affordability).

There are also lenders who do not insist on simoultaneous completion. Including one who will ignore your current mortgage when workingout how much you can borrow as long as they get confirmation from the solicitor that the property is being actively marketed.

I would say speak with a whole of market broker who can look at your overall circumstances and objectives or post more details and some one may be able to give some better pointers.

PS. that Avatar is hypnotic!!

pash_2

thanks for the reply.. i will print it off and try get more details on this, anyone else got any suggestions please! i have gotta have this house! lol
Pash x

ps thanks for the comment on the avatar, it was customised to look just like me! (alegedly!)

herbiesjp

Have you got any figures you can post?

payless

herbiesjp wrote:

Have you got any figures you can post?

Think all her figures are posted here

pash_2

Oh yes very good! i like that.. lol.. now back to business!
Pash x

payless wrote:

Think all her figures are posted here http://forums.moneysavingexpert.com/image.html?u=53385&dateline=1141668706

payless

As mentioned, there is possibly a few ways around it...

Will depend on availablity of equity or cash deposit

Incomes and property values ( also throw in estimated rental values of both properties for good measure)

Of course you may prefer not to do this on such an open board .... have a chat with a few advisers


That said , it can all end in tears if the housing ( and/or rental ) market goes against you

pash_2

HERBIESJP your ideas were very helpful, thank you so much, it has given us something to look into!
Pash x

uptheblades

.................sorry just needed to use this as a test as im having trouble posting elsewhere

pash_2

oh dont mind me then! lol
Pash x