Dilema need urgent advice. Finances and buying a house

katepnlo

Long story short, i think ineed an indepndant person to give me some advice firstly!
our house isnt on the market yet, would need a couple of weeks to get it ready. Found 'the' house. its perfect for us, great price, huge amounts of potential. It had sold but the buyer couldnt complete as their house didnt sell and they couldnt afford to go through....
Soooo...
This is our first time having to sell, now what i want to know is if there is anyway round the fact our place isnt sold? im thinking mortgage wise?, if push came to shove we could JUST afford to cover two mortgages for a few months till ours sold. (we are in a sought out area, aka location location type thing). But can it be done??? Dh is also self employed with his own business (nearly 3 years). but we pay accountant to do the books...great for tax not so for mortgage.

we have been approved for a re mortgage of 120k through halifax and our current lender will do one also, i know we have great credit ratings, we have equity in this place too....


Can this be done??
I need to look into this asap (like yesterday!) and i dont know where to start?
Also if a relative who completely owned their home but didnt work....could they get a mortgage.

Im looking at all aspects..

i can give you my phone number if you can help.
kate
hoping for a little miracle

tomstickland

bridging loan I think.

katepnlo

bridging loan............would this be something i go to the Abby for (current lender)??
also should i stay with Abby to make things easier?
i want that house! lol
thanks
kate

UK007BullDog

You are very excited and need to calm down :rotfl: I know its harder done than said.....

You need to speak to a broker. Tonight get all your paperwork ready and check out your local whole of market brokers and make an appointment. Your other half does not have to be there so you could do it yourself if he is too busy working.

Read Martins tips on mortgages so you refresh yourself and know what questions to ask.

As a non-earning spouse you cannot get a mortgage yourself.

A bridging loan allows you to have a loan to buy the dream house and will bridge the time until you sell yours. Drawbacks are the cost and the risk you might not be selling.

Alternatively as you said your area is sought after is to make your residential home a BTL property and pull out as much equity as you can (depending on the rent you can achieve) and maybe become a landlord or sell it on before 3 years are over (tax reasons). But make sure you check out your local renting situation by also posing as a potential renter! EA's will tell you what you want to hear so you too have to be prepared to do your own research. It is harder renting out large properties than 1 bed room ones.

You will need your passports or drivers license, your hubbies accountant details so that the lender and broker can contact them if needed, utility bills to prove address, bank statements, etc. Your current mortgage docs for broker to read ref: early repayment overhangs/charges.

Have you done a budget planner to see you can afford to pay both mortgages? And for how long?

Best would be to be able to get the second mortgage without having to re-mortgage the first property as if you get two mortgages you face a set of two mortgage costs, plus the stamp duty for the new property, moving costs etc... A good broker should be able to help you through the maze.

HTH

katepnlo

morning bump incase anyone misses it
kate

ddaimlerdan

Avoid bridging loans. Let the house go and move on. Do not emotionally attach yourself to a material object ie a house. Sell yours first. Then things will happen in the correct order, the real dream home will appear.