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How do we fund this?!
Milothe
Posts: 12 Forumite
Long time lurker, first time poster, so be gentle with me 
Our main home is mortgage free. We have a second home with a small mortgage (approx. 1 year left to go) which we don't rent out. We'd like to sell this but don't think it will go quickly. We have seen another house which we'd like to buy to use as a 'replacement' second home.
My husband is retiring next year, so would plan on paying for the new house outright with his PCLS, but would like to know if there's another way we could fund in the meantime?
In an ideal world, a no deposit, interest only mortgage on the unencumbered property would be the best plan, however I'm not sure if these exist any more!
Any ideas knowledgeable people?:cool2: We're in Scotland, BTW, not sure if that makes a difference? Thanks :beer:
Our main home is mortgage free. We have a second home with a small mortgage (approx. 1 year left to go) which we don't rent out. We'd like to sell this but don't think it will go quickly. We have seen another house which we'd like to buy to use as a 'replacement' second home.
My husband is retiring next year, so would plan on paying for the new house outright with his PCLS, but would like to know if there's another way we could fund in the meantime?
In an ideal world, a no deposit, interest only mortgage on the unencumbered property would be the best plan, however I'm not sure if these exist any more!
Any ideas knowledgeable people?:cool2: We're in Scotland, BTW, not sure if that makes a difference? Thanks :beer:
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Comments
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Thanks, I gathered that but any ideas how we could do this? We could come up with a 5-10% deposit if we had to. 0
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Are you aware you'll have to pay an extra 3% SDLT as well?0
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Yes, am aware of LBTT on second/third home purchase. Not ideal but will be able to cover the cost.
So any ideas, folks?
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