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Need to borrow £60K to buy a property, but can pay back after a year

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AuntieDrom
AuntieDrom Posts: 3 Newbie
in Loans
Advice, please. In a year's time I will be able to afford to buy this £90K property outright. But at present I can only pay a deposit of about £30K so I will need a mortgage or other loan. Can anyone advise me where I should look? The property will be a second home but I would not wish to let it before the loan was repaid. My income is relatively low as I am retired. The money will becme available as a lump sum in a few months' time. Obviously I'd like to avoid early repayment penalties if possible.

Comments

  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    mortgage only at that rate, but your retired status may hamper you
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • MrChandlerBing
    MrChandlerBing Posts: 131 Forumite
    Out of interest, why can't you wait?
  • whitewing
    whitewing Posts: 11,852 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    ..and how can you be absolutely certain of the lump sum?
    :heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • AuntieDrom
    AuntieDrom Posts: 3 Newbie
    Waiting for probate.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Interest only mortgage possibly a charge over both properties.
    Ask a broker for advice.

    Could you not stall the purchase until you have the funds?

    As a rough estimate expect to be able to borrow a maximum of 3 1/2 times your pension.
  • AuntieDrom
    AuntieDrom Posts: 3 Newbie
    Reason I don't want to wait is that I've seen a great property at a good price. Waiting would be the sensible thing. I guess I should wait...
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    AuntieDrom wrote: »
    Reason I don't want to wait is that I've seen a great property at a good price. Waiting would be the sensible thing. I guess I should wait...
    Has it just gone up for sale?
    Nothing to stop you making an offer to see how low they will go - you don't lose anything until exchange of contracts.
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