Shortfall in funds

Shertur_2

Hi. My mother passed away in March and I am very shortly receiving the first part of my inheritance from my mother's investments. We also have to sell her bungalow, which is proving rather difficult at the moment.

We are moving house and have a very keen buyer. We have found a property we like and with the money for our property plus my inheritance we are approx £30k short. Obviously, once the bungalow is sold, this will be repaid immediately.

Nationwide have turned us down for a mortgage due to my husband's age and we don't qualify for a personal loan as these are not for buying properties.

We've also spoken to an IFA but he couldn't come up with anything either.

Any thoughts or suggestions please?

gb12345

A bridging loan on the bungalow might be a possibility.

You might be better off posting in the Mortgages & Endowments forum. There are a number of mortgage brokers who post in there and they might know some lenders that will consider you despite your husband's age.

Shertur_2

Thanks, I'll give that a go.

dresdendave

Shertur wrote: »

Hi. My mother passed away in March and I am very shortly receiving the first part of my inheritance from my mother's investments. We also have to sell her bungalow, which is proving rather difficult at the moment.

We are moving house and have a very keen buyer. We have found a property we like and with the money for our property plus my inheritance we are approx £30k short. Obviously, once the bungalow is sold, this will be repaid immediately.

Nationwide have turned us down for a mortgage due to my husband's age and we don't qualify for a personal loan as these are not for buying properties.

We've also spoken to an IFA but he couldn't come up with anything either.

Any thoughts or suggestions please?

Why is it difficult to sell the bungalow. It's market value is what someone is prepared to pay for it. Are you trying to sell it for more than it is actually worth?

neil_999

I've always been of the opinion - if you ain't got it you can't spend it. Could you try reducing the bungalow to get it sold quickly.

I would think the mortgage route is probably best...obviously I don't know your husbands age, but if the amount you want to borrow is low, could you lower the term to fall in line with the age restriction?