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Short term loan puzzle
Situation:
We own family house approx £350k
Mortgage of £20k
We have £470k cash
We want to buy a new house for £530k (including fees, stamp duty etc), but only cash offers are being accepted.
We need £60k.
We are having house valued now for sale. Is in area that will sell quickly, but we will not be able to use that towards purchase of house now, as it won't be sold in time.
I've tried remortgaging the house, but they will not do it fir the purpose of funding another house purchase.
What is cheapest way to get hold of £60k that we will need for maybe 6 months?
Thanks in advance
Bish
We own family house approx £350k
Mortgage of £20k
We have £470k cash
We want to buy a new house for £530k (including fees, stamp duty etc), but only cash offers are being accepted.
We need £60k.
We are having house valued now for sale. Is in area that will sell quickly, but we will not be able to use that towards purchase of house now, as it won't be sold in time.
I've tried remortgaging the house, but they will not do it fir the purpose of funding another house purchase.
What is cheapest way to get hold of £60k that we will need for maybe 6 months?
Thanks in advance
Bish
0
Comments
-
Do you need the cash ready to offer, or just at exchange time? Because it could still take months to happen giving you time to raise more.How much are your cars worth?
Or you can try personal loan(s) since you may struggle to get over £50k at once.
1 -
Banks will not lend to you on a personal loan basis to purchase land or property.Herzlos said:
Or you can try personal loan(s) since you may struggle to get over £50k at once.1 -
You need a bridging loan. It won't be cheap. It is a big risk to assume your property will sell quickly.0
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