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Bridge loan V Positive equity
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wilkieone
Posts: 22 Forumite
I know there have been some posts on this in the past, wondering if anything has changed?
i have a house and mortgage, and unfortunately, a new neighbour.
house price @300K, mortgage of @110K been looking for the house i want, it has come up, again, unfortunately at auction, which is at the end of this month! the said house is apparently priced in the region of 200K
been looked at said house, it is perfect, but how best to get it? bridge loan, versus equity? equity means that my mortgage repayments stay the same, but extends my payments by 5 years, and i have to sell my property before i can get another. i have purposely not put my house on the market, because i knew it would be a long time before i found the house that i wanted, and i did not want my house to seem "unsold" for a long time as this may devalue the property.
by the way, other than the house, i don't have a pot etc. etc..
what is the best thing to do?
i have a house and mortgage, and unfortunately, a new neighbour.
house price @300K, mortgage of @110K been looking for the house i want, it has come up, again, unfortunately at auction, which is at the end of this month! the said house is apparently priced in the region of 200K
been looked at said house, it is perfect, but how best to get it? bridge loan, versus equity? equity means that my mortgage repayments stay the same, but extends my payments by 5 years, and i have to sell my property before i can get another. i have purposely not put my house on the market, because i knew it would be a long time before i found the house that i wanted, and i did not want my house to seem "unsold" for a long time as this may devalue the property.
by the way, other than the house, i don't have a pot etc. etc..
what is the best thing to do?
0
Comments
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Could you change yours to a buy to let and buy the one at auction as your main residence? Or a Let to Buy?
Do you have any deposit to put down or is it all coming from your current property?
A bridging loan is an expensive way to purchase and personally i wouldnt want one unless there was no other way forward.£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
that's an idea Lisalou, i am about to ring a finance chap i know to see what he has to say!0
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Brilliant
Let us know how you get on£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0
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