Complex mortgage/loan requirement
AASandwich
Posts: 3 Newbie
We are fortunate enough to have purchased three homes over the past 25 years. Main, home, one let, and one used as a second home to support working away from main home. Total value c£980k with approx £200k in outstanding mortgage. CGT due on two properties of c£40k. So we have built up net equity of c£750k. We have found a house that we would like to make an offer on and are looking for the best way of securing the house without having to seel all three properties first. We are happy to sel all three however. Purchase price of new home would be c£900k and we would need c£50k for repairs/improvements. So net result is to maintain a £200k mortgage level (repayment over 10-15 years). Are their any lenders that will advance funds to secure the new house (clearly charging a competitive interest rate) but having taken charge on all three properties. Idea is that we secure the new home, thenn seek to rapidly dispose of the three properties reducing debt back to a £200k mortgage. Complex. Is it possible? Any helpful guidance appreciated.
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Comments
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Yes, it is possible.
Consult a good Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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