Hi everyone
I have been lurking for a few weeks and you all seem to have lots of knowledge so was hoping for some views, ideas or similar examples as getting pretty desperate.
I live with DH and 2 boys in a nice area of Bristol in a 4bed detached which allowing for a lowering offer should be worth about 300K and we have a mortgage for 128K, this house is now on the market after viewing the house of our dreams 2 weeks ago, the house of our dreams needs gutting but has lots of scope for an extention being an ex council house in a village, the house is up for 185K, we have had an offer accepted on it but need to get ours sold. The question being can we get a bridging loan? (although unhappy with this as so much risk) or as suggested by a neighour who has done this can we put the house we live in on a interest only mortgage and possibly rent out for 6 months in hope things will calm down in the selling market and get another mortgage for new house. We have neen advised by current mortgage company that we could borrow another 96K but this isn't enough. If we did this we couldn't get extention built until orginal house sold but would mean we would have hosue we want and could get DS1 into local school.
Or do we just sit it out and hope someone buys ours before the other one sells?? I do belive in fate with houses and homes but this is driving me insane!!
Thanks very much for reading all this
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Can we gte 2 mortgages or are we stupid??
13 replies
Tigger13 · 23/09/2007 14:10
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