Short term loan or increase mortgage

Liz1000000

Hi Forum Friends


I have sold my house, the house that I want to buy is going to cost more than I am selling my current house for; I am £20k short. I am therefore selling a rented property which has £50k equity but the house I want has gone to closing date and the seller has accepted my offer so I either need to extend my mortgage by £20k, it's a portable mortgage that I'm locked in to in terms of early repayment fees until January 2020. I really don't want to increase my current mortgage but I see no other way. Short term loans are pretty high payments and although I'd pay it off on sale of my rented property I'm not sure that I'd qualify for a short term loan because lender probably wouldn't think I could afford. Does anyone know of any other options. To increase mortgage, they'll run this small mortgage alongside the mortgage that I already have and it will have a different interest rate and I'd be tied in to it for 2 years. banging my head off the wall, I don't know what to do.

foxy-stoat

Apply for a few credit cards with money and balance transfer options - if your history is good you should be able to get £20K assuming you dont have a large credit card balance already.

Liz1000000

thanks, do you mean withdraw cash? I thought that was an blasphemy in the world of mse?