Hello.
We're currently in talks with my partners boss/friend who is potentially going to put up the money to secure our new house (£145000) as we need time to sell our current property.
We unfortunately are unable to get a mortgage at the moment due to a couple of debts affecting our credit rating (proceeds from house sale will cover these). We are desperate to secure this house as it is our dream house, a once in a lifetime type property for us.
He's an extremely weathly man so may very well be happy for us to pay him back monthly like we would a mortgage, but I'm currently exploring ways to pay him back if he wants it back as a lump sum, so my question is this:-
Would we be able to take out a mortgage on the new property, once it's already purhcased, to pay him back?
With the proceeds from the sale of our house, we could pay off our debts to give us a better credit rating and then have approx. £20000 spare.
I hope this make sense, not easy to explain in just a few sentences!
We're currently in talks with my partners boss/friend who is potentially going to put up the money to secure our new house (£145000) as we need time to sell our current property.
We unfortunately are unable to get a mortgage at the moment due to a couple of debts affecting our credit rating (proceeds from house sale will cover these). We are desperate to secure this house as it is our dream house, a once in a lifetime type property for us.
He's an extremely weathly man so may very well be happy for us to pay him back monthly like we would a mortgage, but I'm currently exploring ways to pay him back if he wants it back as a lump sum, so my question is this:-
Would we be able to take out a mortgage on the new property, once it's already purhcased, to pay him back?
With the proceeds from the sale of our house, we could pay off our debts to give us a better credit rating and then have approx. £20000 spare.
I hope this make sense, not easy to explain in just a few sentences!