100% mortgage (bridging ??)

dupontin

Hi

If someone could advise me it would be appreciated.

I am self employed, and no I dont have full accounts, I do earn very very well between £120,000 and £180,000 consulting to an overseas company

I have split from my partner. and we are selling the house, although this may take a month or 3 to sort out. The equity I will receive from the house sale is about 100K

I would like somehow to get a short term (is it called bridging finance ?)
mortgage to buy a place. then probably do a self cert mortgage.
I would like to purchase a place worth about 300 to 350K.

I believe I have a good credit rating.

Responses appreciated

Mike

meanmachine_2

I've never heard of a bridging mortgage. Sorry. My understanding of "the mortgage" ( a debt until death) is that they are, by their nature, long term deals.

However there are experienced advisers on here who might be able to help. (But I suspect they'll just advise you to seek out a broker yourself.)

donna-j_2

Yes, bridging loans are used when you have not yet paid off your first mortgage, for example when there is a gap between buying and selling. You would be best to contact a broker, who should sort this out for you. The interest rates are quite high on this sort of loan though.

Fairdo_2

Intelligent Finance and Bank of Scotland do have certain ways of allowing you to take out a new mortgage, I believe, on the basis that you are actively marketing your existing home and that it should be sold within the forseeable future. (Others used to do it but have pulled out).
So they could be options for you. However, you would still need to fund a deposit and proove income in some way.

However, a Broker might be able to help you with the income discretion and they could get a fuller picture to advise you properly. As last post said, Bridging is an expensive option.