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Buy a House with cash and then get a mortgage?
markavfc2
Posts: 61 Forumite
Hi all,
Looking for a bit of advice. We have found a house we want to buy but haven't yet sold our house. To put ourselves in prime position/speed up process we could buy the house we have found in cash by using savings/borrowing some from a relative. Once the house we currently own is sold, and we have paid off our existing mortgage, it would still leave a shortfall of around 80k on what we would owe the person we are borrowing from. Would we then be able to get a mortgage against the new property for this amount? 80k would be around 30% of the new property value.
Any help/advice or other suggestions would be really appreciated.
Looking for a bit of advice. We have found a house we want to buy but haven't yet sold our house. To put ourselves in prime position/speed up process we could buy the house we have found in cash by using savings/borrowing some from a relative. Once the house we currently own is sold, and we have paid off our existing mortgage, it would still leave a shortfall of around 80k on what we would owe the person we are borrowing from. Would we then be able to get a mortgage against the new property for this amount? 80k would be around 30% of the new property value.
Any help/advice or other suggestions would be really appreciated.
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Comments
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@markavfc2 In principle, it's definitely doable. Doing a remortgage right after completion may limit your lenders somewhat. If you can wait for 6 months, the pool of potential lenders widens significantly.
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