£50k

mindyourlanguage

Hello all

Right, this is my situation at the moment.

I have recently viewed a property which I like and my offer has been accepted.

I have agreed a mortgage, its a self cert one. I am selling my other property and will be left with £50K once all debts have been paid. This I will use for deposit for my new purchase.

Problem is the current owner wants a quick sale hence giving me a cheaper price. Now I need to raise £50K in about a months time. My property isn't even on the market yet as there is a tentent liviing there.

Is there such a thing as a short term loan and would I be able to get it??

Thanks

WildHaggis

Option one: It's called 'bridging finance', and most reasonable brokers will be able to source the funds. Closed bridge - where the start and stop dates are known. Open bridge - where the funds are lent to an uncertain date "when the house is sold".
Option two : a Secured loan on your existing property. Make sure it has NO redemption penalties.
Both options are expensive.
Option three: go for a 125% mortgage on the new property - unlikely with self-cert.

ZZZZZZ_2

Consider the fact that you will be on the hook to complete on the other property when you havent even marketed your property let alone sell it. From your posting, I am assuming you arent in a position to buy the other house for cash (given you dont have £50k to put down as a deposit) - I could be wrong - but given all of this information, is it really a good idea to enter into this purchase??