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Mortgage Based On Relocation Allowance
minister_of_madness
Posts: 2 Newbie
Hi
I am in the fortunate position of being offered a significant amount of money to purchase a property close to my work. The amount being offered could potentially buy a flat outright, and will be payed over four years.
The trouble is that I need proof of purchase before I am given it
And I'm not convinced I will be given the amount I need based on my current circumstances without taking the allowance into account.
Any suggestions?
Any lenders who would make allowances for this?
Should I re-mortgage my current home to cover some of it?
Should I go interest only?
I know this is a fortunate position, but Im at a loss as how I should move forward
Thanks
I am in the fortunate position of being offered a significant amount of money to purchase a property close to my work. The amount being offered could potentially buy a flat outright, and will be payed over four years.
The trouble is that I need proof of purchase before I am given it
And I'm not convinced I will be given the amount I need based on my current circumstances without taking the allowance into account.
Any suggestions?
Any lenders who would make allowances for this?
Should I re-mortgage my current home to cover some of it?
Should I go interest only?
I know this is a fortunate position, but Im at a loss as how I should move forward
Thanks
0
Comments
-
If you have to purchase the property before any of this allowance materialises, it's just a "normal" mortgage.
No lender I can think of is going to treat it as an aid to affordability or deposit.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 -
That's what I thought
Many Thanks0
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