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Deferred payments?
hedger
Posts: 313 Forumite
Heres a problem I have. I have negotiated a great price on a great new build house that I want to move to (£375K down to £300K) but the deal must complete quickly. I have my own house to sell (worth £230K approx) that mightnt shift quickly in todays climate. I can raise around £250K cash but need the rest from my own house sale to complete the deal. I do not think my mortgage company will increase my borrowing (ive a £160K mortgage now)
Is there anyway I can raise the additional £50-60K that I will need by securing it on my current house and defer the payments until the house is sold?
Is there anyway I can raise the additional £50-60K that I will need by securing it on my current house and defer the payments until the house is sold?
0
Comments
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Have you thought about selling your existing place to the developer?
I'm sure some mortgage advisor will have an answer to your main question - probably depends on your income. When you say you can raise £250k does that mean you've savings elsewhere you can liquidate rapidly?0 -
Have you thought about selling your existing place to the developer?
I'm sure some mortgage advisor will have an answer to your main question - probably depends on your income. When you say you can raise £250k does that mean you've savings elsewhere you can liquidate rapidly?
Yes benood I can access those savings/investments quickly0 -
I'd have thought even now in the "credit crunch" you'd be able to raise a BTL mortgage for the £50k you need - how about speaking to an independent mortgage adviser.0
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