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How to fund a purchase?
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martin2014
Posts: 3 Newbie
A bit of a strange situation but here goes.
We currently live in a bungalow that we bought last year. We are mortgage free and have some cash in the bank. The idea was to extend the bungalow with a loft conversion and rear extension. Planning permission for our design was refused. We had to modify our plans to get them accepted. We are not totally happy that we will not have what we exactly wanted but have to accept the planning decision. A property has become available that would allow us to do what we want. My question is this. The new property is approx £340K. My property is approx 230K. I have approx £50K I could use as a deposit. If I put my property up for sale then I am sure the property that we would like will be sold before we gain a buyer. Is there any way in which I could get a £300K loan/mortgage (my wife and I earn approx £60K/year) on the understanding that when my property is sold that this would go to the new mortgage. This would leave me with approx £70K owing.
We currently live in a bungalow that we bought last year. We are mortgage free and have some cash in the bank. The idea was to extend the bungalow with a loft conversion and rear extension. Planning permission for our design was refused. We had to modify our plans to get them accepted. We are not totally happy that we will not have what we exactly wanted but have to accept the planning decision. A property has become available that would allow us to do what we want. My question is this. The new property is approx £340K. My property is approx 230K. I have approx £50K I could use as a deposit. If I put my property up for sale then I am sure the property that we would like will be sold before we gain a buyer. Is there any way in which I could get a £300K loan/mortgage (my wife and I earn approx £60K/year) on the understanding that when my property is sold that this would go to the new mortgage. This would leave me with approx £70K owing.
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Comments
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There should be ways to do this.
Consultant a good independent mortgage broker.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.0
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