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Mortgage & probate
Amadoro
Posts: 2 Newbie
Hi
I want to buy a property worth around £500,000.
I have around £360,000. I can get a mortgage around £90,000. I have a shortfall of around £50,000. However I have an inheritance that is going through probate, worth around £120,000, which should be freed up hopefully by August. In case of emergencies I could also retire and free up a lump sum in 3 months of £60,000.
So I'm not overstretching myself at all.
Is there a product that will take into account that I will definitely be able to pay off the mortgage (and therefore get one bigger than £90,000) without waiting until August? If it's relevant I'm aged 60
thanks
I want to buy a property worth around £500,000.
I have around £360,000. I can get a mortgage around £90,000. I have a shortfall of around £50,000. However I have an inheritance that is going through probate, worth around £120,000, which should be freed up hopefully by August. In case of emergencies I could also retire and free up a lump sum in 3 months of £60,000.
So I'm not overstretching myself at all.
Is there a product that will take into account that I will definitely be able to pay off the mortgage (and therefore get one bigger than £90,000) without waiting until August? If it's relevant I'm aged 60
thanks
0
Comments
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Whilst the inheritance might be going through probate I would also guess that there's no guarantee that anything will be left after paying any debts of the estate. Perhaps you can persuade the executor(s) to give you an advance???#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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No, there will be £120,000 left after all the fees etc.
I understand that the process of gaining an advance (I am the executor) is costly and also takes time however0 -
Not that I can think of...Amadoro said:Is there a product that will take into account that I will definitely be able to pay off the mortgage (and therefore get one bigger than £90,000) without waiting until August? If it's relevant I'm aged 60
thanksI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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