So, a property in our favoured road has come up and it needs extensive work, which we are very excited about (have done almost as much before). We won't be able to live in the house whilst this is happening (to be honest, wouldn't want to live in house now - it's a very sad story of an old man).
Rough calculations suggested we could get a mortgage on 85% to buy the house (including stamp duty, fees etc) and get the bulk of the work done (extension, electrics, windows, boiler, kitchen, bathroom, so not much then) whilst still living in our current house. We'd then move in and sell our current house, using that to blat the mortgage down. We could do the higher payments for about 18 months.
We own our current house outright (scrimping and saving and buying at the right time) so there's no mortgage on that.
We've been saving for our dream house for years (still paying our 'mortgage payments' into a special account).
The money looks ok but just phoned the bank and they won't lend on the new house if it's not going to be our main residence. I've explained it will be once it's habitable but it was end of conversation. We thought about re-mortgaging this one but it won't come to enough.
Any thoughts? I guess that a broker will find us a mortgage company who will consider this otherwise how do people do it? I am aware we sound greedy and that we want it all when so many others are struggling and I'm sorry about that but I'd appreciate any advice. If anyone can recommend a broker in Surrey area that'd be fab!
many thanks
MQ
x
Rough calculations suggested we could get a mortgage on 85% to buy the house (including stamp duty, fees etc) and get the bulk of the work done (extension, electrics, windows, boiler, kitchen, bathroom, so not much then) whilst still living in our current house. We'd then move in and sell our current house, using that to blat the mortgage down. We could do the higher payments for about 18 months.
We own our current house outright (scrimping and saving and buying at the right time) so there's no mortgage on that.
We've been saving for our dream house for years (still paying our 'mortgage payments' into a special account).
The money looks ok but just phoned the bank and they won't lend on the new house if it's not going to be our main residence. I've explained it will be once it's habitable but it was end of conversation. We thought about re-mortgaging this one but it won't come to enough.
Any thoughts? I guess that a broker will find us a mortgage company who will consider this otherwise how do people do it? I am aware we sound greedy and that we want it all when so many others are struggling and I'm sorry about that but I'd appreciate any advice. If anyone can recommend a broker in Surrey area that'd be fab!
many thanks
MQ
x