Gaming7 mins ago
sold my house
We have just sold our house on the first day it went up for sale and have also had an offer accepted on the property we would like to move to, so everythings ok so far you might be thinking, well it is until we have to let our current mortgage lender know that we intend to move home.
The problem is we are both unemployed at the moment (by choice), we have a large savings pot which is more than we actually owe on the mortgage so we can still manage all the monthly outgoings, but will the mortgage lenders see it this way, we dont need to borrow any more money to move home as we can finance that ourselves, we just need to move our current mortgage to our next purchase but the last time we moved only 4 months ago we had to go to the lenders and they went through all the neccessary procedures ie outgoings,dependants etc although we did not need to borrow any more money just move the mortgage to different property, so with us both out of work there is going to be problems.
Any ideas very much appreciated.
The problem is we are both unemployed at the moment (by choice), we have a large savings pot which is more than we actually owe on the mortgage so we can still manage all the monthly outgoings, but will the mortgage lenders see it this way, we dont need to borrow any more money to move home as we can finance that ourselves, we just need to move our current mortgage to our next purchase but the last time we moved only 4 months ago we had to go to the lenders and they went through all the neccessary procedures ie outgoings,dependants etc although we did not need to borrow any more money just move the mortgage to different property, so with us both out of work there is going to be problems.
Any ideas very much appreciated.
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I have encountered a not too dissimilar problem. We sold our house and bought 2 cheaper ones 120 miles away. One we will live in and the other is a refurb and sell on and current combined values �190-�200k. We need around �60k to do them up raised on the home we will live in and hoping the 2nd one is taken into account as it is valued �30k+ more than the mortgage request. I approached a well known broker who said it would be easier to get a mortgage if my hubby got a letter saying he was transferring within his company to the new area (which he is not) and the other house (equivalent to a savings pot) would not be taken into account. Crazy. Having told the advisor I had the letter he ceased contact with me which I have complained about in writing (no answer yet).
I approached my bank. They were marvellous. Saw exactly what I was getting at. Paperwork done next day, valuer in last week, money very soon. And no fees!! No need to prove either of us have employment to go to. Copy of letter taken but I was told we could borrow without it. Now busy choosing fittings while waiting for my funds. Should have gone there in the first place.
Cant offer any ideas to you and just hope your lender is sensible especially as things are storming ahead for you. I always thought (and my bank obviously agrees) that if you cover their risk you get their money.
I approached my bank. They were marvellous. Saw exactly what I was getting at. Paperwork done next day, valuer in last week, money very soon. And no fees!! No need to prove either of us have employment to go to. Copy of letter taken but I was told we could borrow without it. Now busy choosing fittings while waiting for my funds. Should have gone there in the first place.
Cant offer any ideas to you and just hope your lender is sensible especially as things are storming ahead for you. I always thought (and my bank obviously agrees) that if you cover their risk you get their money.
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