Need advice

noddynoo

Hi I am looking for some advice really.We have bought a house a few mon ths ago cash to do up and live in as a family home.We thought we had enough to finish the works but true to form it has run over and we now need to raise some cash to finish it.The house is 'worth' 300k imo although they go for 330 plus in this street but I think not realistic.I would like to raise 25k with a mortgage and use about 5 or 6 k to do the remaining works and leave 20k in a locked in savings account so that I can pay the bulk of the mortgage back after the fixed 2 yrs is up.Is this possible?is it a remprtgage?TIA We work and have no credit etc if this makes a difference

CloudCuckooLand

Yes, it is possible. Although if within 6 months some lenders may decline.

Go see a bank or two, and a mortgage broker. See which deals are offered/appeal.

getmore4less

Why not get an offset and just use what you need.

Probably should have done this when buying, really very low cost and no interest till you start using the funds.

You might need to wait a bit 6months seems to be the norm before you can mortgage.

SantanderStink

I bought a house cash this year and could not mortgage for 6 months other than from Northern Rock on a high interest rate.

The broker and mortgage company I used told me it's due to money laundering rules.

noddynoo

Ok.So we would need to be in the house 6 months plus to raise this capital? I was hoping to do this sooner but can wait although need to get this place finished!

GMS

6 month sof ownership is the general rule but some lenders will allow it with less than this.

Speak to a 'Whole of Market' broker