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Advice Needed - How to Raise Capital
tom_tom_4
Posts: 1 Newbie
Hello Experts
I hope to buy a property at auction.
The property and costs are going to be £250k and I am fortunate enough to have an £80k deposit.
The trouble is that there is a tenant in the property and the tenancy (an AST) does not end until a month after the auction. This means I have been trying to get a mortgage for the remaining £170k on a property without vacant possession - I have found this impossible!
What options are available to me? I have been advised that bridging loan lenders are also unlikely to be unhappy with vacant possession.
For a bit more info, I am a first time buyer and I intend to live in the property. I should get a mortgage without issue were it vacant possession.
Really greatful for any information as I do not want to miss out on my dream flat!
Tom
I hope to buy a property at auction.
The property and costs are going to be £250k and I am fortunate enough to have an £80k deposit.
The trouble is that there is a tenant in the property and the tenancy (an AST) does not end until a month after the auction. This means I have been trying to get a mortgage for the remaining £170k on a property without vacant possession - I have found this impossible!
What options are available to me? I have been advised that bridging loan lenders are also unlikely to be unhappy with vacant possession.
For a bit more info, I am a first time buyer and I intend to live in the property. I should get a mortgage without issue were it vacant possession.
Really greatful for any information as I do not want to miss out on my dream flat!
Tom
0
Comments
-
a) Get a job if you don't have one:
b) If you have a job work harder, get another job, etc etc..
c) Take all the money-saving advice on here (there's shedloads..) and follow it...
d) Work harder, get another job...
Cheers!
Artful0 -
If you are a FTB buyer, I would avoid buying at auction - you are committed to the purchase of the property as soon as you have won the auction. You will need all your finance in place before bidding. What is so special about this property that you have to buy it?"You were only supposed to blow the bl**dy doors off!!"0
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