buying property whilst residing in uk

R

redbull

Guest
my house in the uk is up for sale but I have seen a property to buy in galway. my dilema is how can i buy this property before my house sells here in uk.


i am fully aware that lenders will borrow on my current uk income but i have no money for deposit till the property sells. my house is up for £100,000 with a mortgage of £27,500 left, no other debts and the property in galway is up for £150,000.

What can I do

Helen
xx
 
You could try a bridging loan, not that expensive, got one myself for roughly 39k ,they charge an arrangement fee of about 250 and then was charged 190 a month there after.
 
Last edited:
Hi RedBull

Can you not remortgage your property in the UK to get the money for the deposit? The easiest would be to talk to your existing mortgage provider. Make sure that you don't face early repayment penalties in the UK. You wouldn't in Ireland, but I don't know if they are banned in the UK.

I would reckon that you could raise £70,000 on your UK home which would allow you complete the purchase of the house in Galway without even selling your property in the UK.

Brendan
 
Brendan - In theory a good idea but in practice she might end up with a large mortgage on her UK property (and we have frequent predictions of a further interest-rates rise in autumn) whilst her property purchase in the State is at the height of house-prices, as they are beginning a down-turn. What she could do is take an interest-only mortgage on the Galway property and then repay the mortgage in full on sale of the UK house.
 
Post Script

sorry - I left out the rationale for not being burdened with a bigger UK mortgage as a 'bridge'. The 'bridge' arrangement in these circumstances is likely to last months rather than weeks as the market has stalled considerably here in the UK and Helen's UK property might take a while to sell.
 
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