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Very early repyament mortgage or bridging loan.
Options
sdav888
Posts: 2 Newbie
Hi,
We need to move quickly on a house and have been looking at mortgages with no early repayment fee to bridge the gap until we sell our house.
Having done the maths it seems a viable option for us but has anyone had any experience of this or know any potential hidden pitfalls?
Thanks
SD
We need to move quickly on a house and have been looking at mortgages with no early repayment fee to bridge the gap until we sell our house.
Having done the maths it seems a viable option for us but has anyone had any experience of this or know any potential hidden pitfalls?
Thanks
SD
0
Comments
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What percentage deposit do you have for the new purchase?
Will affordability be met for both mortgages?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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.0 -
Thanks for responding,
The house we've seen is £395k.
Our house is worth ~£250K.
We've got £150k (37% deposit).
We don't have a mortgage on our current home, we're both working.
We're just looking for the most cost efficient way of bridging the gap.
Thanks
SD0
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