Can I get a loan for my deposit?

fjweaver

In the summer my house is due to be put on the market of which I get 40% of the proceeds (not a good divorce settlement....:()

It was valued at £460k 3-4 years ago so I expect it'll make around £400k now, and I expect to get around £160k out of it.

The bank has said I can get a mortgage somewhere up to £300k with that kind of deposit. I don't want anywhere near that and I'm looking at houses at up to £350k with an interest only mortgage.

Thing is I need to find somewhere now so would like to borrow the deposit (say £150k) now. Is that possible, and if so what's the best/cheapest way of doing it?

Thanks
Frank

CLAPTON

there is no possibility of getting a loan for 150k unless your income is in excess of 300k except for a bridging loan
A bridging loan might be possible once you have exchanged contracts for the sale of your house

dimbo61

Where are you living now ?
Can you rent somewhere until the house is sold and well done on getting 40% I got 30% in my divorce and still have a limp to prove it.
Why interest only most lenders dont like it and want you to have a "repayment vehicle in place" but you could try first direct
Dont know where you live but why not stick to £250K and save on the stamp duty

fjweaver

I'm near Staines now - I want to move around where my kids are - Ickenham/Rusilip (West London) - prices are a bit higher around there.
I need to get out of where I currently am asap (have been living with someone) - have looked at renting but the few places i've looked at are pretty rubbish for the amount of money they're asking and i don't really want to get tied into somewhere when i could be paying out on a mortgage.
I'm looking for a 2-3 bedroom house/bungalow and you don;t get that for £250k around there. (income nowhere £300k - I wish..!!)
I'm looking at interest only so that i can control things if interest rates get too high, i'll overpay where i can to reduce the capital.
it's been a long time - forgot about stamp duty