Inheritance money coming and new house

gadget88

So I had tried to buy a few houses last year. I’m in Scotland so one was a fixed price if I had offer accepted it would have been done and I could have listed mine as was on market for a bit. The area wasn’t my first choice. So two other ones came up same street same week one sold by the time I viewed second one other one wanted a first time buyer. The estate agent photographed my house ready to market months before. I only need a home report done.

So I have 80k in equity in house and I want to buy a a house around £230k. I did ask about a bridging loan before but decided not to go ahead. What about equity release? Between inheritance and equity I am still short of the required amount to be a cash buyer? I ruled out selling to rent as it wouldn’t guarantee the house and its high risk. How can I get one of those houses in that street what’s the way to proceed? Currently none are on the market. I am due a large sum of inheritance by the summer 

MWT

gadget88 said:

What about equity release? Between inheritance and equity I am still short of the required amount to be a cash buyer?

Even if you meet the 55+ age requirement, you can't get an equity release product if you already have a mortgage on the property, that would need to be cleared at the same time.

I'm not sure how that would help anyway, if you do not have enough to be a cash buyer between the equity you have in the current property and your expected inheritance.

gadget88

No not over 55 so what’s the best way to proceed? 

user1977

Sell first and rent while you wait for your perfect house to come up.