The situation is that our buyer has been refused a mortgage and we are desperate not to lose the house we are buying so wanted to get advice from people on here if possible.
We were pulling £47k equity out of the house for the purchase, if we could replace that 47k with cash (loan from family to repay when we sell our house) would we still proceed with the added complications of:
· We are porting our existing mortgage with Nationwide to a new nationwide mortgage
· We are looking to aggressively sell our house and its a cheap price so expect it should sell before we exchange on the house we want.
The point would be so we can still proceed to buy and dont lose the house with it going back on the market, I am just not sure about complications as would it been seen as having 2 mortgages etc even if its a tiny period of time.
Just looking for a resolution to the situation with the generous offer of a no stings loan to reply the house equity in the deal.
Thought welcome.
Many thanks :)
We were pulling £47k equity out of the house for the purchase, if we could replace that 47k with cash (loan from family to repay when we sell our house) would we still proceed with the added complications of:
· We are porting our existing mortgage with Nationwide to a new nationwide mortgage
· We are looking to aggressively sell our house and its a cheap price so expect it should sell before we exchange on the house we want.
The point would be so we can still proceed to buy and dont lose the house with it going back on the market, I am just not sure about complications as would it been seen as having 2 mortgages etc even if its a tiny period of time.
Just looking for a resolution to the situation with the generous offer of a no stings loan to reply the house equity in the deal.
Thought welcome.
Many thanks :)