Some advice would be welcome...
My wife and I, both having taken early retirement, are hoping to sell up and move to the coast.
We have £250,000 in savings, and a house valued at £180,000 on which we still owe £60,000.
We therefore have around £370,000 in assets and cash.
We've seen a house at £285,000 that we'd like, clearly we don't have enough cash. We were advised that a bridging loan would be extremely expensive, and it was suggested that we opt for a buy-to-let or let-to-buy mortgage for something in the region of £95,000 on our existing home to cover the shortfall and buy us some breathing space until we renovate and sell our current home.
However, none of the mortgage lenders are prepared to accommodate us, and their explanations seem bewildering. They seem fixated on our lack of regular income and age which sort of go hand-in-hand with being retired(!), rather than the earning potential of our current property and the amount of mortgage being sought being significantly less than the value of our current house.
Anyone any ideas?
UberGeek
My wife and I, both having taken early retirement, are hoping to sell up and move to the coast.
We have £250,000 in savings, and a house valued at £180,000 on which we still owe £60,000.
We therefore have around £370,000 in assets and cash.
We've seen a house at £285,000 that we'd like, clearly we don't have enough cash. We were advised that a bridging loan would be extremely expensive, and it was suggested that we opt for a buy-to-let or let-to-buy mortgage for something in the region of £95,000 on our existing home to cover the shortfall and buy us some breathing space until we renovate and sell our current home.
However, none of the mortgage lenders are prepared to accommodate us, and their explanations seem bewildering. They seem fixated on our lack of regular income and age which sort of go hand-in-hand with being retired(!), rather than the earning potential of our current property and the amount of mortgage being sought being significantly less than the value of our current house.
Anyone any ideas?
UberGeek