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Wanting to buy but not yet sold
daisyrose
Posts: 142 Forumite
Are there any options for our position?
We want to buy a house but ours is not on the market yet it all happened sudenly.
We have no mortgage and a small amount of savings that we can use as a deposit.
We are older so any mortgage monthly repayments will be high because we will have around 8 years to pay it back based on 65years as the retirement age (we don't earn enough for this size mortgage I don't think).
The house we want to buy is around £180k and we will hope to get around £160k for ours.
Are there any options for us in this position.
Thank you in advance (the thanks icon doesn't work for me)
We want to buy a house but ours is not on the market yet it all happened sudenly.
We have no mortgage and a small amount of savings that we can use as a deposit.
We are older so any mortgage monthly repayments will be high because we will have around 8 years to pay it back based on 65years as the retirement age (we don't earn enough for this size mortgage I don't think).
The house we want to buy is around £180k and we will hope to get around £160k for ours.
Are there any options for us in this position.
Thank you in advance (the thanks icon doesn't work for me)
0
Comments
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My MIL in her sixties was in a similar position recently.
She got a let to buy mortgage, similar to a buy to let. She now rents out her old home and has bought a new one. The rental income pays the mortgage. Obviously becoming a landlord isn't for everyone as it is a business as should be treated as such, not just a means to moving house.0 -
Thank you Caroline73. I didn't think of let to buy or buy to let but it may be an option. Do you know if it is similar to a repayment mortgage? I will look into this. Thank you0
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It is hard but it might be simpler to get yours on the market and sold...otherwise it could be financial ruin.0
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