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Short term loan till house sells?
robyn7778
Posts: 1 Newbie
Hi Everyone,
I am new to the forum. I am looking to buy a house and move immediately before my own house sells. I would need to borrow £100,000 but would be able to repay it all as soon as my house sells. I have read that bridging loans are the worst way to do this so I would be grateful for any advice on the best way to do this. I am retired but I don't think getting a mortgage would be a problem because I have a guaranteed income.
And if I did get a mortgage, would I be able to pay it off without penalty as soon as my house sells?
I am new to the forum. I am looking to buy a house and move immediately before my own house sells. I would need to borrow £100,000 but would be able to repay it all as soon as my house sells. I have read that bridging loans are the worst way to do this so I would be grateful for any advice on the best way to do this. I am retired but I don't think getting a mortgage would be a problem because I have a guaranteed income.
And if I did get a mortgage, would I be able to pay it off without penalty as soon as my house sells?
0
Comments
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Is there a mortgage on your current home?
If not, then:
Does your income support a mortgage?
Have you had a play with any mortgage calculators to see what you could potentially borrow?
You can repay the mortgage, subject to also paying any early repayment charges etc. Which varies lender to lender.
Speak with a broker.Mortgage started 2020, aiming to clear 31/12/2029.0
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