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Don't want to lose my house purchase.

6022tivo
6022tivo Posts: 818 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi

Situation is, the week of exchange, one of the chain behind me has pulled out.

The one I am buying I desperately do not want to lose.

What options do I have here?


My current house is mortgage free, I do have half the cash to buy the one I am buying anyway.

Can I....

Get a secured loan on my current house, and when it sells, pay back the loan?
Get a mortgage on my current house, then when it sells, it gets paid back?
Get a mortgage on the house I am buying, and then pay it off early when my current house sells?

I know all these have risks associated, also may struggle to pay the loan or mortgage payments until my current house sells.
I can take a hit on the price I am selling to get rid quickly, plenty of equity involved here.

I hope some of you guys can help, maybe recommend companies who are happy with a short term mortgage arrangement with the minimum amount of fees etc..

Comments

  • egoode
    egoode Posts: 605 Forumite
    Eighth Anniversary Combo Breaker
    I would suggest you speak to a broker about the situation but make sure that any deal they offer allows you to pay off the mortgage without large early repayment penalties.

    Another option could be a bridging loan however the interest on these can be quite high so might not be a good idea if this is likely to drag on for months.
    Starting Mortgage Balance: £264,800 (8th Aug 2014)
    Current Mortgage Balance: £269,750 (18th April 2016)
  • 6022tivo
    6022tivo Posts: 818 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    A broker = cost?

    Is there not a comparison page, or advice here?

    Will google bridging loan and see what happens.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    6022tivo wrote: »
    A broker = cost?

    If you are willing to reduce the selling price for a quick sale. Then why worry about other costs? Interest on the money borrowed will soon eat away the equity if it doesn't sell for a while.
  • 6022tivo
    6022tivo Posts: 818 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thrugelmir wrote: »
    If you are willing to reduce the selling price for a quick sale. Then why worry about other costs? Interest on the money borrowed will soon eat away the equity if it doesn't sell for a while.

    How do I find a broker?
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We do this kind of thing regularly - a bridging loan will solve the problem provided you are prepared to bear the costs.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 6022tivo
    6022tivo Posts: 818 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Just done some bridging loan searching.

    With the equity, it maybe worth me getting a mortgage short term on part of the new property.

    All very interesting.

    Will have to check out what mortgages are available, and maybe look at a broker?
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That is the right approach - be quick thou as only 4 working days until the holiday
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 6022tivo
    6022tivo Posts: 818 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    amnblog wrote: »
    That is the right approach - be quick thou as only 4 working days until the holiday


    How much will you charge me? - amnblog
  • silvercar
    silvercar Posts: 49,790 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    6022tivo wrote: »
    How much will you charge me? - amnblog

    That was quick. Only been posting a short time and already getting business on here!
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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