Let to buy?

fzbob

Hope this is the correct forum, haven't used this site for a while

I'm in this position...
I and my new partner are selling out two houses to enable us to live together in a new home.
We both had buyers, until hers back out last week.
Mine is still ongoing thank God.
But we have to make up the shortfall for the house we want (obviously it's a bit more expensive)
Anyway...
We both aren't very knowledgeable about this kind of position.
But we understand that there are a couple of options...
ie, Bridging loan. Or maybe buy to let her home to raise the shortfall after my purchase?
We need to make up around 135K

any input or advice will be much appreciated thank you.

Hope this all makes sense

Regards
Bob

fzbob

Meant to ask...
Is there a way to subscribe to threads/post's here?

amnblog

You should be using a mortgage broker who will then be able to guide you on this.

There are so many angles in this kind of situation you wont get a definitive answer on the forum.

Daveahare99

I agree get in touch with a mortgage broker or someone with specialist knowledge. Often a broker will allow you to sidestep the high street banks ( who are very reluctant to lend at the moment) and seek funding from an alternative lender. Like an investment fund.

Often these funds will only go through a broker or introduce as a kind of quality control measure.

Generally speaking through bridging loans are geared towards property bought at auction and are very expensive. I imaging it would depend on how quickly you could get the permanent funding in place though.

Hope it helps.

fzbob

Thank you,
I was just hoping I might get others who have had similar experiences to post here.
You know what happens when one goes to so called professionals.
They usually try to sell their own products and confuse you with the blurb.
Using forums like this one can get ideas before going to said salespeople

fzbob

Daveahare99 wrote: »

I agree get in touch with a mortgage broker or someone with specialist knowledge. Often a broker will allow you to sidestep the high street banks ( who are very reluctant to lend at the moment) and seek funding from an alternative lender. Like an investment fund.

Often these funds will only go through a broker or introduce as a kind of quality control measure.

Generally speaking through bridging loans are geared towards property bought at auction and are very expensive. I imaging it would depend on how quickly you could get the permanent funding in place though.

Hope it helps.

Sorry was ovbviously typing ewhen you posted
Yes I will do as advised, this post is in desperation, as the house we want will only give us a couple of days grace before putting it on the market again, and time is a factor when one is busy etc.

fzbob

Has Martin got any advice on Bridging loans somewhere here, and Buy to let?
I can't find anything unless I need to go to Spec Savers

Pixie5740

Are you aware that if you don't sell both existing properties before jointly purchasing the new property the higher rate of SDLT will be due?

As for BTL and bridging loans try using the forum's search function.

fzbob

Hi, thank you for the reply.
I did not know of that ruling (is it a ruling?)
I just expected the duty to be what was worked out when we both had our buyers..No?
Sorry if I sound like a dumbo, as I said I'm not quite up to speed with it all (long time since I last bought a home)

DCFC79

To subscribe to the thread you need thread tools on the green bar which is just below the post reply button.

Maybe google anyterms you dont know.

fzbob

DCFC79 wrote: »

To subscribe to the thread you need thread tools on the green bar which is just below the post reply button.

Maybe google anyterms you dont know.

thanks.
I did come across it, it's big enough isn't it I must be o]losing the plot.:o