Mortgage short term - like a bridging loan?

ng1412

Incredibly complicated - my mother and I wish to buy a property together.  She is 80, owns a property outright worth around £280 I have a property with approx. £250 equity in.  I have two primary school age kids who are with me for 4 days a week. Both places are on the market. I have had an offer on mine but mum has only just put her house on the market.  We have seen a suitable house on for £475k and we would like to make an offer but as we are not proceedable it may not be considered.  I just wondered whether anything exists like a bridging loan or very short term mortgage to provide the funds while mum's house sells so that we may proceed? I have a very low income due to divorce and working round school hours (around £10k) - mum has her pension of about £1000 per month.  

Thank you!

Thrugelmir

Bridging finance is extremely expensive. You'll need to sell both properties in order to achieve your objective I'd suggest. 

ng1412

Ok thanks - not necessarily a bridging loan but some kind of short term option maybe as a mortgage - just trying to make sure I haven't missed a trick!

blue_max_3

If you are both buying the new property, you may have to pay the additional stamp duty (+3%), if she still owns her own property. You can reclaim when she sells, but you'd have that outlay.
Unfortunately, your income gives you few options. I'd suggest you may be better holding fire though. You are more likely to get a good deal in the months going forward.
Is it possible to move in with your mother until she gets a buyer?

getmore4less

How are you going to pay the interest on over £250k+?
probably looking at over £1kpm if you can find a lender

amnblog

You don't have enough equity across the two properties to raise £475,000 plus stamp duty costs.
If you have a large chunk of cash to put in you may have some options.
Borrowing close to half a million and paying perhaps £2,000 a month for the privilege, whilst waiting for two sales to complete in a recession,  does not sound smart to me.