Hi
Since banks no longer offer bridge mortgages, we have worked out a solution that will allow us to borrow to buy a second property. However, we don't intend to rent our current property for more than a few months. Our intention was always to sell it after we had found a new place and settled in.
We have enough aside to cover a double mortgage for a few months too, in case the property is not rented immediately.
The question is: can we apply for a mortgage, buy a property, sell within months the first property and refund the first mortgage in full, as well as part of the second one? (according to my estimates, we should be in a position to refund up to a third of the 2nd mortgage)?
Obviously, I don't want to ask to the bank as it's not in their interest to lend for such a short term...
Thanks
Since banks no longer offer bridge mortgages, we have worked out a solution that will allow us to borrow to buy a second property. However, we don't intend to rent our current property for more than a few months. Our intention was always to sell it after we had found a new place and settled in.
We have enough aside to cover a double mortgage for a few months too, in case the property is not rented immediately.
The question is: can we apply for a mortgage, buy a property, sell within months the first property and refund the first mortgage in full, as well as part of the second one? (according to my estimates, we should be in a position to refund up to a third of the 2nd mortgage)?
Obviously, I don't want to ask to the bank as it's not in their interest to lend for such a short term...
Thanks