Mortgage Dilemma - help ?

Conrad

Theyn wont consider 'equity' lending. There are potential ways through this but not something I can go into detail with here.

Another option would be a short term loan on mums home, without income proof. These 'equity' loans are from small specialist private lenders only. They will charge a high amount in fees, in the order of about £4000 and a very high interest rate in the order of 20% as they know they will only have your custom for a few months.

Caz3121

Mollys_Dad wrote: »

Conrad

Thanks - they have requested both of our last 3 pay slips. Mortagage is £259k, wife's income c£31k - so not enough. We want to keep mortgage at same level to avoid redemption penalties if we reduce amount or repay and go with another lender. We will have £280k capital as well from house sale but this doesn't seem to come into the equation - we want to use some of this cash to improve property we are buying at £288k.

sorry just trying to get my head round this
Is the current selling price £280k (less £259k mortgage = £21k equity)
or is the equity £280k
What deposit do you have for the £288k house purchase

Mollys_Dad_3

cashorcheque

C&G have now confirmed that we can 'port' our mortgage over a year - i.e. we can get the same rates and continue with the product if we go into rental for 11months. Have you checked your T&Cs to see if this an option for you. You pay the redemption charges but they are refundable when you re-apply.

Mollys_Dad_3

Caz

We are selling for £535 so have c£280 equity. So, we can put any size of deposit down - we want to keep as much cash as possible to do improvements and possibly for me to re-train.

surreybased

Hi,

Just wondered if you could use the equity for now and get a mortgage using your wife's income on stadard multiples. If/when you get a job maybe the mortgage could be increased. It feels like the safest route - hopefully you get another job quickly but if you need to retrain it could be a while and that is a risk. Could you forgo most of the improvements until you're in employment?