Cheapest route for short term borrowing for new house

safsnowball

I am looking to move house and will have a shortfall of £50,000 for four months until a fixed term bond matures.

What is my cheapest option for covering this gap.

It looks to me that it might be easier to take out a £50,000 mortgage and then repay it at the first opportunity, but initial fees are expensive and early repayment charges high until past the period of the initial interest rate fix.

Any suggestions please, thanks

GMS

Look for a mortgage product with no fees and no ERC.

What is the purchase price? How are you funding the rest?

safsnowball

Thanks for quick reply.

The purchase price is £320,000, the balance being funded from the sale of our current home which is mortgage free.

I've had a search of t'internet but couldn't find any on the lines you suggest.

One other relevant point I guess is that I am 61, but receive a pension more than adequate to cover a mortgage of £50,000

GMS

What pension income do you have? Is it a private pension?

Should be options for you especially with a proven way of repaying the borrowing.

Might be worth a chat with a broker.

Dave_Ham

As GMS states, you are highly likely to require a broker on this.

With a relative mortgage size as this, you really (or your broker) need to try and minimise any product/lender fees as well as the ERC and not be driven solely by rate.

All the best

safsnowball

Thanks for your replies both.