Loan calculator and how to complete

skylark52

Hi,

I am about to complete on the sale of our house, the mortgage of which was in my late partner's name so I am currently not a home owner or have a mortgage. The proceeds of the house is going to partly pay for my new house but I will need a loan of £20.000 to make up the shortfall. I will have enough income to repay over 4 or 5 years. I am 61 at the moment.

I was about to complete the loan calculator when I realised some of the questions don't 'fit'. Do I fill it in as if I have completed the purchase of my property (couple more weeks) and therefor will be a home owner without a mortgage (IF i get the loan) or does this calculator not suit my situation and should I approach a loan company directly? Also the question 'what will the money be used for' can only be described as 'other' which doesn't feel right to me.

Any advice would be appreciated.

[Deleted User]

Lenders won't generally lend for property purchases outside of mortgages, so you may need to adjust your search, or look to fund from another source in the interim. 

DCFC79

Deleted_User said:

Lenders won't generally lend for property purchases outside of mortgages, so you may need to adjust your search, or look to fund from another source in the interim. 

This OP.

I'd suggest speaking to a broker or a couple, I'm sure they will have come across this before and will know how to proceed.