What are the chances of me getting this loan / mortgage???

Grego_2

Hi

Just got married, selling my house for 73k (going through at the mo and have no mortgage on it). Also have the missuses house that is up on the market at 165k and she has a 65k mortgage on it.

Thing is she is mad keen on a house we have seen.

Around every 5 mins she says she wants, needs etc the house we have seen that is 215k. :eek:

Question is .... what are the chances of us getting a bridging loan so we can buy the new house without having sold the old one?

I can raise around 120k in cash but we will still need a loan for around 100k.

Bearing in mind that we dont have that great an income at the mo . circa 25k per annum


Anyone likely to offer this loan you think??

Cheers

dwsjarcmcd

Grego,
You don't say whether you intend to sell your wife's house. If that was your intention then I think you would get a mortgage. Their attitude could be that if you don't sell the house you could rent it out, and even though you are pushed on income for now, the LTV is low and you can reduce the mortgage or increase your 'income' from the rental, within a reasonable timescale. There are lenders who will consider this, without the need for expensive bridging. Just make sure your mortgage caters for lump sum overpayments so you don't get hit with ERC's

Thefunkygibbons

A bridging loan is possible but it can be expensive

A quick conversation with John Charcol should tell you what is possible but also what it would cost you to get it

IMHO, it is also a high risk strategy as if prices fall, you could be stuck trying to sell the misssus' house in a falling market

A better option might be to have a word with the estate agent handling your sales and tell them that you wnat a buyer in the next two weeks so what price do you need to sell at. Compete you side and then put an offer on the new house as a ready buyer

herbiesjp

I think you should be able to get a "normal" mortgage without having to look at bridging options