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Advice regarding bridging mortgage
mishmash
Posts: 371 Forumite
Hi
We have 2 houses to sell to buy a big house (bringing 2 families together), He has around 80k in equity I have similar.
His house has been on the market for a couple of months few viewings no offers yet, mine is to go up within the next couple of weeks.
We have seen a house that has just been repossesed, while it is utterly minging at present it has fab potential and is in the area we want and is the right size, it is also a good 50k less than the similar but nice houses are selling for in the same area.
I think it will go very quickly.
As we have not yet sold our houses is there any way we could borrow the money secured on the equity in our houses paying it off whan we sell.
The figures are;
I earn 35k with maintenance and child benefit and expenses it is about 41k, my current mortgage is for 38k, house will be up for about 130.
He earns 16k, his mortgage is for 18k and house is up for 105.
The house we are interested in is 180.
My partner has an exemplary credit history, mine is a bit bad, I have no CCJ's and have never defaulted on my mortgage. I have 3 defaults 2 on credit cards and 1 on A finance agreement that are over 12 months old and have been payed in full. I am also a bit bad at paying things on time so that shows up on my credit searches.
Is there any way of doing this ? I am hopefull as I think it will be a fab long term investment and mean we get a house big enough for us all, in a nice area and when our houses have sold have a very comfortable mortgage.
Or am I getting my hopes up.
Any advice would be great.
Mish
We have 2 houses to sell to buy a big house (bringing 2 families together), He has around 80k in equity I have similar.
His house has been on the market for a couple of months few viewings no offers yet, mine is to go up within the next couple of weeks.
We have seen a house that has just been repossesed, while it is utterly minging at present it has fab potential and is in the area we want and is the right size, it is also a good 50k less than the similar but nice houses are selling for in the same area.
I think it will go very quickly.
As we have not yet sold our houses is there any way we could borrow the money secured on the equity in our houses paying it off whan we sell.
The figures are;
I earn 35k with maintenance and child benefit and expenses it is about 41k, my current mortgage is for 38k, house will be up for about 130.
He earns 16k, his mortgage is for 18k and house is up for 105.
The house we are interested in is 180.
My partner has an exemplary credit history, mine is a bit bad, I have no CCJ's and have never defaulted on my mortgage. I have 3 defaults 2 on credit cards and 1 on A finance agreement that are over 12 months old and have been payed in full. I am also a bit bad at paying things on time so that shows up on my credit searches.
Is there any way of doing this ? I am hopefull as I think it will be a fab long term investment and mean we get a house big enough for us all, in a nice area and when our houses have sold have a very comfortable mortgage.
Or am I getting my hopes up.
Any advice would be great.
Mish
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