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Advice between purchase and sale
KrisOakleyFleet
Posts: 1 Newbie
Good afternoon all
Just looking for some advice from anyone in the know. Apologies if this is posted in the wrong section.
A quick background on the issue. I currently own my own home which is on the market for £650k, mortgage of £450k, valued at £690k.
I have found a new house on for £675k and have an Agreement in principle from the Halifax for £480k, based on keeping mine and renting in the meantime as it sells.
My issue is raising the additional money for the deposit on the new house whilst mine sells. (£200k, £100k of which I can fund)
My credit rating is very good, I have a £30k HP against a £45k car, a £3k credit card with nothing on it and no other unsecured debt. I have not missed any payments in the last 7 years. I also have 5 rental properties with around £250k equity in, 4 of which bought last year.
I'm self employed with a few businesses, the main one showing profit of £65k, £75k, £140k for the last three years, forecast of over £150k this coming year, rental profit of £10k per annum.
Does anyone have any idea of the best way to raise around £100-£120k for the additional moneys whilst my own house sells. Any advice would be appreciated. Apologies if long winded or too informative, as you can see if a first time poster, long time reader.
Many thanks
Kris
(A slightly confused and Uninformed chap)
Just looking for some advice from anyone in the know. Apologies if this is posted in the wrong section.
A quick background on the issue. I currently own my own home which is on the market for £650k, mortgage of £450k, valued at £690k.
I have found a new house on for £675k and have an Agreement in principle from the Halifax for £480k, based on keeping mine and renting in the meantime as it sells.
My issue is raising the additional money for the deposit on the new house whilst mine sells. (£200k, £100k of which I can fund)
My credit rating is very good, I have a £30k HP against a £45k car, a £3k credit card with nothing on it and no other unsecured debt. I have not missed any payments in the last 7 years. I also have 5 rental properties with around £250k equity in, 4 of which bought last year.
I'm self employed with a few businesses, the main one showing profit of £65k, £75k, £140k for the last three years, forecast of over £150k this coming year, rental profit of £10k per annum.
Does anyone have any idea of the best way to raise around £100-£120k for the additional moneys whilst my own house sells. Any advice would be appreciated. Apologies if long winded or too informative, as you can see if a first time poster, long time reader.
Many thanks
Kris
(A slightly confused and Uninformed chap)
0
Comments
-
Can't help with the loan. Think you need proper financial advice on that one.
My question is why would you market a house valued at £690 for £650?0 -
and if you want to ell, why it make it 10 times more difficult for yourself...Can't help with the loan. Think you need proper financial advice on that one.
My question is why would you market a house valued at £690 for £650?based on keeping mine and renting in the meantime as it sells.
You'd better read this too:
[FONT="]New Landlords[/FONT][FONT="] (information for new or prospective landlords)[/FONT]0
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