Looking for a bit of advice. We have found a house that we really want and it ticks all the boxes. We have 130k cash at the moment but we need to get the rest of the purchase price from a relative, (prob 80k). We are in a position that we can get a loan from a relative for the outstanding amount.
We have signed contracts but can walk away at any stage before the closing date. The vendor has indicated that the sale has to close in three weeks or he will walk away himself. We are waiting since November 2017 to get an answer from kbc around mortgage application. We probably should have applied to all but the broker went with kcb and we stuck with him. (Regretting that now though).
Two questions
- If we buy the property now, Can we get a mortgage on the money loaned to us from our relative and maybe a little more? They would be on the title and we would be effectively buying them out. We would be looking to do a bit of work on the house as well so probably looking for 140k.
- If a mortgage isn't available does anyone have any suggestions to get that kind of money over the longest term.
Financial background is two civil servants with combined income of 115k, two kids and no other debt. Many thanks in advance
We have signed contracts but can walk away at any stage before the closing date. The vendor has indicated that the sale has to close in three weeks or he will walk away himself. We are waiting since November 2017 to get an answer from kbc around mortgage application. We probably should have applied to all but the broker went with kcb and we stuck with him. (Regretting that now though).
Two questions
- If we buy the property now, Can we get a mortgage on the money loaned to us from our relative and maybe a little more? They would be on the title and we would be effectively buying them out. We would be looking to do a bit of work on the house as well so probably looking for 140k.
- If a mortgage isn't available does anyone have any suggestions to get that kind of money over the longest term.
Financial background is two civil servants with combined income of 115k, two kids and no other debt. Many thanks in advance