Quick mortgage needed for repossession

mike_s14

Hi,
We own our house with no debts and have seen a repossession property we want to buy. As we can not sell our own house in time what options on mortgages do we have?
Ideally I want to get a mortgage for so 80% of the new house and as soon a our existing house sells pay this off so the mortgage is around 30%
Do such a mortgage deal exist?

dimbo61

If you have a 20% deposit why not look for an offset mortgage.
Once you sell your existing home put the money in the offset account.

desperate_times

First charge bridging loan type product. 80% may be a bit high but think some lenders might do it. Exit for the bridge will be existing house sale and will need to be on the market immediately or within couple of months. It won't be cheap though - maybe 1% per month plus arrangement fees. Can you afford paying the interest or would you need to roll-it up? If so might need charge on existing house as well as roll-up interest will push LTV too high.

desperate_times

I am assuming you have a normal mortgage on existing house and can't afford to pay two mortgages of course. Also bridge would need to be paid in full and then get normal mortgage for the 30%.