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additional short term mortgage
suzannee75
Posts: 1 Newbie
Hi, just wondered if anyone could help me. i have my house n the market for 235,000 and wish to purchase a property for 270,000. my exisiting morgage is 56,000 and has a rate of 1.56% with the woolich repayment. I need to purchase this property before i sell mine. i live in a sought after location so should sell soon. I have savings of 90,000 in the bank. what is the best way for be to complete this transaction? i would be most grateful for any idesa/advice as i need to moce quick in order to purchase property.
thanks:rotfl:
thanks:rotfl:
0
Comments
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It will probably be a bridging loan you are after. depending on the LTV, the rate would be around 0.7-0.8% per month.
Its probably worth speaking to a broker as i dont think they are available direct - although i could be wrong.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 -
suzannee75 wrote: »Hi, just wondered if anyone could help me. i have my house n the market for 235,000 and wish to purchase a property for 270,000. my exisiting morgage is 56,000 and has a rate of 1.56% with the woolich repayment. I need to purchase this property before i sell mine. i live in a sought after location so should sell soon. I have savings of 90,000 in the bank. what is the best way for be to complete this transaction? i would be most grateful for any idesa/advice as i need to moce quick in order to purchase property.
thanks:rotfl:
Why do you need to purchase before you sell? What are the timescales? Sometimes a lender will allow a delay in completion of the sale and you can avoid a bridging loan.
A bridging loan, if you need one should be done through a 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 -
price your right and it will sell just as fast as you can buy the one you want.
Porting the current loan might be sensible with a top up it is a good rate.
A few £K less on you place will be worth the simplicity and keeping the good rate.0 -
If you have sufficient income to support both mortgages then this may be possible with a standard mortgage.
Speak to a brokerI 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
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