Secured loan options? bridging loan other??

samson1313

I'm selling my current property at 195k and buying one at £165k my current mortgage is £53k so once the house is sold and the mortgage is paid i'll be left with £142k (forget solicitor and estate agent fee's for the time being) so i'm £23k short on buying the new house
My buyer has said they will only pay the current agreed sale price of 195k if it goes through before the stamp duty holiday ends otherwise the price will drop to £190k there finance etc  are all in place  searches have been done and are all ready to go on my place (also its in my interest to get my purchase done before the end of the stamp duty holiday and save myself a couple of grand)

My purchase however is not so simple my mortgage provider has said 8 weeks to port my mortgage as i've got to complete a whole new application for some reason so its much the same as if i was going to apply for a new mortgage not enough time to get the application through
my credit rating is excellent 999 out of 999 and i normal circumstances i could just get a personal loan but i'm self employed and all this corona bs has made things more awkward 
my dad has offered to lend me 5k and i can get about 5k together so i'm around 15k short including fee's etc
I was thinking maybe get a bridging loan or is it possible to get a secured loan on the house i'm buying? i'm guessing not as its a catch 22 i dont own it until i've bought it!!??
Any help or suggestions welcome
Thanks

Irishpearce26

Firstly have you agreed with your buyer that the price will drop to 190K if the stamp duty deadline passes? Secondly 8 weeks to port your mortgage, I applied to port my mortgage and borrow more with virgin and had my offer in 10 days. Have you started the application process? If not why what are you waiting for?

samson1313

Hi dont know if you ported your mortgage recently? but cause of corona and the stamp duty deadline there is a massive back log my mortgage company Coventry building society said 8 weeks so just going on what they are telling me
Originally agreed sale price of 190k then i pulled out of the sale cause the property i was buying fell through, my buyer really wants the house so upped their offer to 195 on the condition the sale is done by the stamp duty deadline
Luckily i found another suitable property for me to buy but cause of time limitations i asked the original questions on this post

stormCat99

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

parkingadvice1212

boots_babe said:

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

How exactly do you pay for a house on a credit card?

Slithery

By using cards that let you take out cash.

I remember G_M saying he bought an entire house on a few cards once.

AdrianC

boots_babe said:

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

Lender: "OK, I can see you've got £24k in cash as equity... but I can also see you owe £24k to two credit cards. We'll call that net zero, shall we?"

This can't be an unusual situation, and I'm sure it's one most lenders and brokers will have dealt with before - the mortgage is not 100% LtV, because the equity already exists, but it's tied up in the property that is being bought following a relationship failure.

parkingadvice1212

Slithery said:

By using cards that let you take out cash.

I remember G_M saying he bought an entire house on a few cards once.

The interest on £24k as a cash withdrawal on a CC must be enormous  

JGB1955

parkingadvice1212 said:

Slithery said:

By using cards that let you take out cash.

I remember G_M saying he bought an entire house on a few cards once.

The interest on £24k as a cash withdrawal on a CC must be enormous  

There is a one-off charge of 3 - 4% on a cash transfer card... so less than £1K.

Irishpearce26

samson1313 said:

Hi dont know if you ported your mortgage recently? but cause of corona and the stamp duty deadline there is a massive back log my mortgage company Coventry building society said 8 weeks so just going on what they are telling me
Originally agreed sale price of 190k then i pulled out of the sale cause the property i was buying fell through, my buyer really wants the house so upped their offer to 195 on the condition the sale is done by the stamp duty deadline
Luckily i found another suitable property for me to buy but cause of time limitations i asked the original questions on this post

Applied to port my mortgage and borrow more money mid December and had my offer just after Christmas. Complete on 3rd March. 

Thrugelmir

samson1313 said:

My buyer has said they will only pay the current agreed sale price of 195k if it goes through before the stamp duty holiday ends otherwise the price will drop to £190k

Why the £5k reduction?