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Help, please! We need advice on buying a house!
alandn13
Posts: 1 Newbie
Right I will try to make this so it is comprehensible.(This is in Scotland, btw) We are very, very interested in a property that costs £175,000. The sellers are interested in our property at £70,000 as a buy to let.
Okay, the tricky bit is they don't have spare cash for their deposit as they are relying on the sale of their house. We would be the ones buying their house but Natwest have offered us a mortgage for the £175,000 pending the sale of our place, but we are in the same boat as them. We need the money from the sale of ours for the deposit.
We are kind of at a stalemate, and we are unsure of where to go from here due to the fact we are both relying on the sale of our properties for our mortgages.
I would appreciate any kind of advice, thanks.
Ps. We only have our offer of mortgage until the 22nd September. We would have to reapply after that, which may cause a problem as my partner hasn't been away as much as normal. (He works abroad, but this was due to unforseen circumstances and we will be financially better off with this £175,000 property as we are paying rent on where we are living plus the mortgage on our property, as it's too small.)
Okay, the tricky bit is they don't have spare cash for their deposit as they are relying on the sale of their house. We would be the ones buying their house but Natwest have offered us a mortgage for the £175,000 pending the sale of our place, but we are in the same boat as them. We need the money from the sale of ours for the deposit.
We are kind of at a stalemate, and we are unsure of where to go from here due to the fact we are both relying on the sale of our properties for our mortgages.
I would appreciate any kind of advice, thanks.
Ps. We only have our offer of mortgage until the 22nd September. We would have to reapply after that, which may cause a problem as my partner hasn't been away as much as normal. (He works abroad, but this was due to unforseen circumstances and we will be financially better off with this £175,000 property as we are paying rent on where we are living plus the mortgage on our property, as it's too small.)
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Comments
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Bear in mind I know nothing about Scottish process but
What's the issue?(This is in Scotland, btw) We are very, very interested in a property that costs £175,000. The sellers are interested in our property at £70,000 as a buy to let.
.... Natwest have offered us a mortgage for the £175,000
Natwest give you 175.
You give the sellers 105 (175 - 70).
You put 70K in your pocket.
As for the deposit, if this works as in England either
* Exchange and Complete same day (so no deposit needed) or
* Exchange without a deposit being paid, by mutual agreement0 -
You're paying £175,000 for the property and NatWest are giving you a 100% LTV mortgage..? Are you sure that's correct?
What has your solicitor said about the purchase of this property and the sale of your property?0 -
Seems to me that there's a chain here. A strange, circular one, but a chain. And every buyer has a seller, and every seller has a buyer. There's also a very good incentive to not drop out...0
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It's Scotland, there are no chains.0
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