Short Term Mortgage - England to Scotland Move
Discussion
I'm retiring soon and wanting to move north. I'm aware of significant differences in the house purchase/sale process.
A house has just appeared that looks good.
I'd like to decouple the sale of my English place from the purchase of the Scottish one.
There seems to be plenty of internet information on interest only mortgages with 2year fixes to 75% LTV or so which I can sustain at the modest rates advertised.
But I'd prefer something shorter, say 12 months, as I'd expect my place to sell within a few months.
There doesn't seem to be much information on what I would have known as a bridging loan.
Is such a thing available and who would I approach for choices, please?
A house has just appeared that looks good.
I'd like to decouple the sale of my English place from the purchase of the Scottish one.
There seems to be plenty of internet information on interest only mortgages with 2year fixes to 75% LTV or so which I can sustain at the modest rates advertised.
But I'd prefer something shorter, say 12 months, as I'd expect my place to sell within a few months.
There doesn't seem to be much information on what I would have known as a bridging loan.
Is such a thing available and who would I approach for choices, please?
Thanks, Sarnie.
That's a possibility. Even if there were such charges they may still be sustainable and preferable to carrying on to the end or the likely higher interest rates for a short term loan. IIRC the last mortgage I had was only £100 for early repayment but I've also got it in mind (maybe apocryphally) that some charges are the balance of any repayments to term!
That's a possibility. Even if there were such charges they may still be sustainable and preferable to carrying on to the end or the likely higher interest rates for a short term loan. IIRC the last mortgage I had was only £100 for early repayment but I've also got it in mind (maybe apocryphally) that some charges are the balance of any repayments to term!
jet_noise said:
Thanks, Sarnie.
That's a possibility. Even if there were such charges they may still be sustainable and preferable to carrying on to the end or the likely higher interest rates for a short term loan. IIRC the last mortgage I had was only £100 for early repayment but I've also got it in mind (maybe apocryphally) that some charges are the balance of any repayments to term!
If you have a mortgage currently, you also need to consider that the new lender will take into account the mortgage that's not being paid off, for affordability purposes....so you need to be able to afford both...……..they won't accept that the current mortgage will be paid off in the near future......That's a possibility. Even if there were such charges they may still be sustainable and preferable to carrying on to the end or the likely higher interest rates for a short term loan. IIRC the last mortgage I had was only £100 for early repayment but I've also got it in mind (maybe apocryphally) that some charges are the balance of any repayments to term!
Sarnie said:
If you have a mortgage currently, you also need to consider that the new lender will take into account the mortgage that's not being paid off, for affordability purposes....so you need to be able to afford both...……..they won't accept that the current mortgage will be paid off in the near future......
No mortgage or other borrowing.Sarnie said:
That will help you then...….you just need to consider affordability if you have to have the mortgage on a short term if you are near to retirement.....
Actual retirement date is flexible.I'd hand in my notice on sale completion.
I would plan to have enough cash to finance the cheapest of early repayment or term completion.
jet_noise said:
Actual retirement date is flexible.
I'd hand in my notice on sale completion.
I would plan to have enough cash to finance the cheapest of early repayment or term completion.
But you'd still need to inform the lender of your intended retirement age as part of the application......I'd hand in my notice on sale completion.
I would plan to have enough cash to finance the cheapest of early repayment or term completion.
Update.
Interest only - no chance, all sorts of strings attached.
Bridge - available, onerous fees and interest rate.
Part repay part interest only - available until the intent to use as short term finance is understood although this is not in the Ts&Cs.
Repayment - in principle agreed, 13yr max TIA my age, fees good, payments a bit more than the bridge but given my short term intent and some, albeit small, of that is immediately reducing the capital amount, I'll take it!
Then my offer on the house was well exceeded by another buyer, pah
Righmove property alert in drawn area alerts still active. Here's to the next one...
Interest only - no chance, all sorts of strings attached.
Bridge - available, onerous fees and interest rate.
Part repay part interest only - available until the intent to use as short term finance is understood although this is not in the Ts&Cs.
Repayment - in principle agreed, 13yr max TIA my age, fees good, payments a bit more than the bridge but given my short term intent and some, albeit small, of that is immediately reducing the capital amount, I'll take it!
Then my offer on the house was well exceeded by another buyer, pah
Righmove property alert in drawn area alerts still active. Here's to the next one...
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