Financing a new house
Discussion
We are looking to downsize from our current house (that we currently own outright) to a house in Scotland. Because of the differing systems and that fact that some work is still underway on the current house, it is possible that the house we are looking at would need to be bought before we have sold this one. Because of the work being carried out, there is enough spare cash to fund the move only. I reckon on three months overlap maximum between purchase and sale.
I am investigating ways of borrowing on a short term basis the money for the new house. I've looked at remortgaging the current house but although we could easily service the mortgage, we don't have the income to get the sum required. Are there any other options other than a massively expensive bridging loan?
The current house is worth £550k, new house is £325k. Grateful for any advice!
I am investigating ways of borrowing on a short term basis the money for the new house. I've looked at remortgaging the current house but although we could easily service the mortgage, we don't have the income to get the sum required. Are there any other options other than a massively expensive bridging loan?
The current house is worth £550k, new house is £325k. Grateful for any advice!
It's not so easy getting a large mortgage now; there are loads of FCA affordability checks you have to pass. We don't have the income to pass the test for a mortgage of this size even though at current interest rates and those likely over the next few months it would be a doddle. Maximum LTV on the new place they would allow is 80%, which means we need a £65k deposit we also don't have. just to add to the fun I'm self-employed
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