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Mortgage Query
Koo
Posts: 1 Newbie
Hi
I was unsure which section to put this query under so have chosen Mortgages to start and hope some one can point me in the right direction.
My query is this - my parents are wanting to purchase a holiday home - but as a permanant living accommodation.
Therefore they are going to sell their current home and use the amount that they own in the house (after paying the mortgage company off) to purchase this holiday home.
However they will still be short of approximatley £25,000. As the new purchase is not exactly bricks and mortar and therfore maybe not mortgagable I wonder how and where they might get this extra needed money from.
Is it possible to get such a small mortgage, does anyone know? - or would it have to be a personal loan?
To make things just a little more difficult they don't have excellent credit history and they only want to have to pay back a max of £300 for the £25,000 loan so that the move will be worth while!
Any advice is more than welcome
I was unsure which section to put this query under so have chosen Mortgages to start and hope some one can point me in the right direction.
My query is this - my parents are wanting to purchase a holiday home - but as a permanant living accommodation.
Therefore they are going to sell their current home and use the amount that they own in the house (after paying the mortgage company off) to purchase this holiday home.
However they will still be short of approximatley £25,000. As the new purchase is not exactly bricks and mortar and therfore maybe not mortgagable I wonder how and where they might get this extra needed money from.
Is it possible to get such a small mortgage, does anyone know? - or would it have to be a personal loan?
To make things just a little more difficult they don't have excellent credit history and they only want to have to pay back a max of £300 for the £25,000 loan so that the move will be worth while!
Any advice is more than welcome
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