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Buying a house with cash and then remortgage?
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topcat61984
Posts: 2 Newbie
Hey,
I am in the process of buying a house and am able to beg, borrow and use savings to pay in cash. How can I then get a mortgage to pay back all that I've begged and borrowed?
This seems like it should be an easy thing to do? What are the issues with doing this?
Help!?!?!???!?!!
I am in the process of buying a house and am able to beg, borrow and use savings to pay in cash. How can I then get a mortgage to pay back all that I've begged and borrowed?
This seems like it should be an easy thing to do? What are the issues with doing this?
Help!?!?!???!?!!
0
Comments
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Why don't you just buy it with a mortgage and not with the cash? If you can't get a mortgage when you buy it now you won't get one when you try to remortgage. So take the cash step out and apply for a mortgage to buy it now.0
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topcat61984 wrote: »Hey,
I am in the process of buying a house and am able to beg, borrow and use savings to pay in cash. How can I then get a mortgage to pay back all that I've begged and borrowed?
This seems like it should be an easy thing to do? What are the issues with doing this?
Help!?!?!???!?!!
Why?
What a ridiculous notion.0 -
The purpose is to get the sale completed quickly...0
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topcat61984 wrote: »This seems like it should be an easy thing to do? What are the issues with doing this?
Main issues include...
1. You will have to own the house for 6 months, before you can apply for a mortgage.
2. You may not get a mortgage, perhaps because...
a) The lenders decide you cannot afford one, or your credit history isn't strong enough
b) The lender's valuer decides the property isn't suitable security for a mortgage
It should only take 2 or 3 weeks to get a mortgage sorted now. Why can't you wait for that time?0 -
Purpose of loan will be debt consolidation and you will see maximum LTV reduced as a result.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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topcat61984 wrote: »The purpose is to get the sale completed quickly...
What holds up a sale is being in a chain not how you pay for a property. Cash is no quicker than a mortgage if you are in a chain.
What you will need to do is to apply for a mortgage now and if you can't get one pull out of the sale.0
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