Mortgage/lending advice in a minor emergency

mr_auspicious

I am aware that this is something I will have to speak to a mortgage adviser about but I'm trying to get my head around the possibilities having experienced a bit of a disaster with the sale of my property

I am selling my house and buying another to be in the catchment area of a secondary school for my older son. I have to either have sold my house and be renting in the catchment area or have bought a house and be living in it in the catchment area by Mid December, probably end of November.

After a very protected sale of the house I'm looking to sell the buyer at the bottom of the chain pulled out today, the day we were all due to exchange contracts. Its extremely unlikely that we'll find a new buyer and complete in time or the buyers further down the chain will be able to.

We are mortgage free on the house we are selling, we were buying for less than we were selling for.

We are still looking to sell as soon as possible which would pay for the sale of the house but we're now looking for some financing which would be repaid from the proceeds of the house sale when it happens.

Its likely that I will be able to get 45% of the money to finance the purchase of the house I want to move to through a buy to let mortgage on the house I own

Which leaves me with a mere £600,000 to find.

My partner who jointly owns the house also has a buy to let property we could borrow another 80k or so but there would be a 20k early redemption fee

My partner and my combined incomes would mean that we would never be approved a mortgage for 600k.

My Dad is a wealthy man but does not have easy access for a bridging loan of that amount.

But he has said he would be happy to be a guarantor on any mortgage. He is 82.

Does anyone have any idea how we could resolve this? Would my Dad's age be a problem, would a mortgage company even entertain something like this?

Like I said I know this is something for a financial adviser but I'm trying to work out if there is any possibility of us finding the money to buy the house before I give up on the idea and accept that I'm staying put.

Thanks for any replies

amnblog

I don't know your case but it is just the kind of thing a good Broker could sort out in a few weeks and in time for catchment day.

butterflybook

speak to a good local broker and they will sort this out for you

mr_auspicious

thanks very much

AnotherJoe

How much is the house at the bottom of the chain? I know of a case where the person at the top bought the house at the bottom in exactly this type of circumstance.

Thrugelmir

mr_auspicious wrote: »

Which leaves me with a mere £600,000 to find.

My partner and my combined incomes would mean that we would never be approved a mortgage for 600k.

Sometimes things aren't just meant to be. Bridging finance would be prohibitive. Given it may take some considerable time to rebuild the chain again.

mr_auspicious

AnotherJoe wrote: »

How much is the house at the bottom of the chain? I know of a case where the person at the top bought the house at the bottom in exactly this type of circumstance.

I think it's considerably more than what we're paying for our house which is at the top of the chain, which is strange but true

silvercar

May work out cheaper to look for a rental that meets your schools date and not worry if you haven't sold your house by that date. The overlap in rent and mortgage would be a lot less than a bridging loan.

mr_auspicious

silvercar wrote: »

May work out cheaper to look for a rental that meets your schools date and not worry if you haven't sold your house by that date. The overlap in rent and mortgage would be a lot less than a bridging loan.

Our local authority is very particular about parents moving into an address of convenience as they put it. They reject applications from rented addresses when the applicant already owns a property in the borough, the only way round it is to either sell the house you're living in and move to a rented home in the area or buy a new home that is your primary residence if you're keeping your old one.

This is all dependent on them doing the checks, I know, but the risk is not worth taking and I'm not comfortable with the idea of doing it.