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Raising money for a mortgage - Please help
csrivats999
Posts: 112 Forumite
Hi all - I bought a flat in bournemouth in 2006 but had to move to london in 2008 due to work reasons.
As I do not intend to move back to Bournemouth I wanted to purchase a place near london so I have put my bournemouth flat for sale 2 months ago.
Due to the challenging market conditions I am not expecting the sale to go through for some time now.
I consulted a financial advisor who said I can afford a second place based on my income and my wife's income but the bank would still require a 15 to 20% deposit to alleviate their credit risks.
As I do not have that much saved up the advisor has told me to speak to my current mortage provider and borrow additional money and use that as a deposit for the second home and then repay the current mortgage once the flat is sold.
Has anyone done anything like this before?
If so on what basis have you approached your current mortgage provider for extra money?
I have about 30% equity in my bournemouth flat.
Any advice appreciated?
As I do not intend to move back to Bournemouth I wanted to purchase a place near london so I have put my bournemouth flat for sale 2 months ago.
Due to the challenging market conditions I am not expecting the sale to go through for some time now.
I consulted a financial advisor who said I can afford a second place based on my income and my wife's income but the bank would still require a 15 to 20% deposit to alleviate their credit risks.
As I do not have that much saved up the advisor has told me to speak to my current mortage provider and borrow additional money and use that as a deposit for the second home and then repay the current mortgage once the flat is sold.
Has anyone done anything like this before?
If so on what basis have you approached your current mortgage provider for extra money?
I have about 30% equity in my bournemouth flat.
Any advice appreciated?
0
Comments
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Personally I would market the Bournemouth property at a price to sell.
If you borrowed against the BM property would level of LTV would that take you to?0
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