Last time buyers

Tamarin

As the title states we are last time Buyers/Sellers

We are selling our house. This is a FTB priced family home.

The first offer we accepted was from a couple but after 3 months they were unable to secure their mortgage

Went on the market again - we accepted another offer and the buyer still awaits their mortage (5 weeks)

We have had our eye on a bungalow and would like to buy this but may loose it having to wait for buyer's mortgage to come through (or not)

We can afford some of the purchase price for the bungalow but not all until we actually receive the money from our sale

The last time we had to borrow money was back in the days when you made appointment to see bank/building society manager dressed in your sunday best!

Times have changed so much since

We would like any advice please on how if we had to borrow some money to ensure we can buy the bungalow if this sale does not go through for any reason

We own our own house, no mortgage. We do not have any debts.

Thank you

Dan-Dan

bridging loan? could be a really expensive option though , should your sale drag out or collapse

vuvuzela

What sort of sum would you be looking for, and possibly more importantly, how old are you ? If you're nearing retirement age then your options for a 'traditional' mortgage are quite limited.

Hoploz

Your best bet is to see an independent broker who can recommend the most suitable product for your situation. That may be a standard mortgage or it may be another type of loan. It could be secured either on your current home to release enough funds to buy before selling, in which case it would be repaid when you sell, or secured on your new home and you could repay it when you choose.

Do you have any family members who have had mortgages arranged via a broker? That would be your first port of call, as recommendation is a good way to find someone. Other wise you could look up a local firm. Or visit your local bank branch as well and see what they can suggest, but just bear in mind they don't have access to as many different products as someone independent.

Tamarin

Thank you all very much.

We had thought of an Indepentant broker

Also, our sale may go ahead in time so would not need a loan but we are worrying what to do if not and we would miss out on the bungalow

We are both 61. Both retired with pensions

Sorry to ask but is there any scheme that you could apply for a loan but not take it? We may not need it you see - we just do not know

Thank you