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Need to Move Quickly! Any Ideas Out There?
TessaB48
Posts: 3 Newbie
We'd appreciate any ideas to help us! I'm 60, (F) retired, cancer patient, property worth £150K currently on mkt £135K reduced; ground floor apt identified, on sale for £160K..been waiting for one to come on mkt., they are like hen's teeth. We made offer of £150K, accepted, then (boo hoo) our buyer couldn't get mortgage deal. Is there any way we can move without waiting for sale of property? There is £7K outstanding on my house...I''m willing to transfer it to my son and he has mortgage approval (serving police officer, no current commitments). HELP!! Would it work if he were to apply for a re-mortgage on current property? Our brains are weary trying to think what to do. If ground floor apartment lost, it may be a long time (do I have a long time??) before another ground floor comes on mkt.
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Comments
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bridging loan would be ideal. Ask your mortgage broker or your bank.
your son would need to apply for a mortgage (not remortgage) to buy your place.
I don't know which would cost more, bridging loan costs or the cost of your son buying and then selling your current property.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 -
Thanks... My bank said "no" due to the health issue.0
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Would it be possible to rent out your house, and then rent a suitable GF flat, instead of buying?I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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Thanks..we've considered this, but the owner of the GF aprtment needs a sale to allow his daughter to purchase the property she's identified.0
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Thanks... My bank said "no" due to the health issue.
I don't get this. If you have the health issue (and wishing you a speedy recovery BTW) why can't your son buy your house and that gives you the money to buy your new property.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 -
Thanks..we've considered this, but the owner of the GF aprtment needs a sale to allow his daughter to purchase the property she's identified.
Sorry, what i meant was a suitable rental alternative to the one you've found for sale.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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