Any ideas?

[Unregistered]

Hi all,

Have recently placed a deposit on a second hand house on the basis that someone had placed a deposit on my house three weeks earlier. The buyer has since pulled the offer at the last minute leaving me stuck!
Is it possible to get an interest only mortgage given that i'm not sale agreed on my own place anymore? (bearing in mind i need the equity from the sale to fund the remainder of the deposit, stamp duty etc.)

Is there another option? Don't want to lose the other house!!

Any help appreciated

thanks

 

[mo3art]

Well, I'm sorry to be stating the obvious here, but you were leaving yourself open to disappointment if you put a deposit on another house if the proposed purchaser of your own property hasn't signed contracts.
Likewise, if you haven't signed contracts on your new property, you are perfectly entitled to withdraw.
Banks are very reluctant to offer bridging in a situation where contracts are not signed on the house you're selling. I would re-think your situation if I were you.
Sorry about your bad news

 

[WizardDr]

It depends on the overall value of the combined properties and the overall level of borrowings that would be outstanding if you delayed sale. That is can you fund the two independent of sale.. or do you have to have bridging.