House Deposit

ajstephe

After some advice about the best way going forward to finance the deposit on a new house

I currently have a house (mortgage free) which is rented out. I live with my fianc!e

She owns her house but has a mortgage. House is currently worth 500k and there is about 250k equity.

We are looking at moving for work and we have found a place (new build). They require a 5- 10% deposit. We are just putting our places on the market to consolidate funds so that we can be mortgage free in our new place

Being a new build we'd quite like to secure the property although it won't be fully built until Jan '17.

Obviously we both have money tied up in our respective properties and are cash poor until sale. Is there anyway of financing a deposit to secure the house with a view to clearing it once we have sold our respective houses or does anyone have any pointers on the best way of goin about doing this?

[Deleted User]

Have you given your tenants notice? If not, that will delay the selling process and may restrict your buyers. Particularly if you have to go through the courts to evict them.

You could offer both houses at very attractive prices (slightly less than the going rate) to help them sell quickly.

ajstephe

They have been given notice so *touch wood* there shouldn't be too much of a problem. They have been good tenants and are coming towards (last couple of months) of their agreement

G_M

ajstephe wrote: »

....... They require a 5- 10% deposit. .......

Is there anyway of financing a deposit to secure the house with a view to clearing it once we have sold our respective houses

The obvious solutions are

* 0% credit cards
* mortgage on the let property - NOT on a fixed deal so you can pay it off without penalty when you sell
* increased mortgage on fiance's property (as above)
* short term loan off family/friends
* short term loan off bank - most expensive option)