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Shortfall dilema
hopeless_case_2
Posts: 558 Forumite
We have sold our home and are buying a new one that needs renovating ... we will have a shortfall of £20,000 and the buyers of our property are three weeks ahead of us in the process as we have only just found our property ..
The dilema is funding the shortfall i need £20,000 for the sale to go through and once in there will need approximately another £20,000 for renovations what would be the best way to do this ? homeonwer loan bearing in mind i dont own the property yet or mortgage ?
The dilema is funding the shortfall i need £20,000 for the sale to go through and once in there will need approximately another £20,000 for renovations what would be the best way to do this ? homeonwer loan bearing in mind i dont own the property yet or mortgage ?
Make £11,000 in 2011 / ebay £600
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Comments
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You mean that you are selling your home and buying a new one. You haven't sold. Where anyone is "in the process" doesn't really matter unless you plan to be homeless for three weeks.
You are selling for 40k less than you need to buy? That's what a mortgage is for.1 -
sounds like you need a mortgage of 40k on the new property2
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Either find a way to raise the money or cancel your purchase as you dont actually have the money1
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i can borrow the money im just wondering if it’ll be best / easier just to borrow the 20,000 and then remortgage given the timescale or just get a small mortgageSchwarzwald said:Either find a way to raise the money or cancel your purchase as you dont actually haveMake £11,000 in 2011 / ebay £6001 -
i only need £20000 to buy the property then i’d need some to renovate once i was in there and im guessing around another 20 it may be more it may be lessMake £11,000 in 2011 / ebay £6000
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Far safer to take the £40k Mortgage now. Otherwise you could be caught out if you only take £20k. Ow and then can’t raise any further money.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.2
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Better to borrow what you think you might need now. Can always be repaid if not required.1
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would this make the house sale slower ?Make £11,000 in 2011 / ebay £6000
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it can take a bit of time to get a mortgage but shou;dn't add much to the process. Just surprised that your offer has been accepted when you haven't got the funds or MIPhopeless_case_2 said:would this make the house sale slower ?1
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