Financing a new property
Discussion
Hi all
Looking for some ideas on financing a new property… any help gratefully received!
In a nutshell, our current house is mortgage free, worth around £1m on a good day. We are looking to move to a new property, budget around £1.5m. We’d like to buy a project house, but do the work before we move in. So we’d need some form of loan to enable us to do this. We have around £800k cash, so would need to finance the difference on the new place for a period of around 6 months. Our household income is around £150k.
A mortgage or bridging loan would seem the obvious options.. would these work? And are there any other options?
Many thanks,
UV
Looking for some ideas on financing a new property… any help gratefully received!
In a nutshell, our current house is mortgage free, worth around £1m on a good day. We are looking to move to a new property, budget around £1.5m. We’d like to buy a project house, but do the work before we move in. So we’d need some form of loan to enable us to do this. We have around £800k cash, so would need to finance the difference on the new place for a period of around 6 months. Our household income is around £150k.
A mortgage or bridging loan would seem the obvious options.. would these work? And are there any other options?
Many thanks,
UV
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