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Can't get mortgage process clear...
Chooser
Posts: 33 Forumite
Apologies if this is a stupid question. My husband and I own a flat valued at c£250K, no mortgage. We live in Scotland so stamp duty is shooting up in April. We want to move to a place costing about £350K, and have most of this money available in savings, though would be short up to £50K which is in a fixed term bond for another 18 months. Two questions are
Could we take a very short term loan or mortgage for any shortfall in the cash, I have no income but my husband works f/t, presumably sight of the paperwork for the £50K bond would be enough for a lender?
And is there a way that we could buy before 1 April and sell our flat a little bit later, as we're likely to get more that way? Would someone give us some sort of bridging loan against our flat (bound to sell easily, desirable area)
Thanks
Could we take a very short term loan or mortgage for any shortfall in the cash, I have no income but my husband works f/t, presumably sight of the paperwork for the £50K bond would be enough for a lender?
And is there a way that we could buy before 1 April and sell our flat a little bit later, as we're likely to get more that way? Would someone give us some sort of bridging loan against our flat (bound to sell easily, desirable area)
Thanks
0
Comments
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You can re-mortgage the flat to release the funds required for the purchase. Then either sell the flat later, or pay off the mortgage on the flat with the bond on maturity.
Engage a 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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