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Any chance of a mortgage/loan?
Options
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Posts: 27 Forumite
So, it looks like the sale of my home is about to fall through. Consequently, we will lose the chance to buy our next home. In truth, its not a disaster, we will still have a nice home to live in and enjoy.
But, I was wondering, is there any realistic opportunity to use the (100%) equity in our current home, to apply for a mortgage/loan to continue with the purchase of the next home, with a view to repaying the mortgage/loan, as soon as the current home sells? As I say, we own the current home completely, but we are both retired, and in receipt of occupational pensions.
Thank You
But, I was wondering, is there any realistic opportunity to use the (100%) equity in our current home, to apply for a mortgage/loan to continue with the purchase of the next home, with a view to repaying the mortgage/loan, as soon as the current home sells? As I say, we own the current home completely, but we are both retired, and in receipt of occupational pensions.
Thank You
0
Comments
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Bridging loan.
They can be pricey.0 -
A Bridging Loan will suit this for you, and you will also have to finance an extra 3% stamp duty (refundable when you sell).
If your occupational pensions are high enough, there may be a less expensive option on a mainstream mortgage.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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