This is my first post and I just want to say this is a great site, have been browsing on and off for months and some great info to be found.
I'm hoping someone might give some advice, the situation is this:
Our house is currently worth about 450k with a mortgage of approx 355k. If we sell at this price it obviously leaves 95k. We have total debts of 45k (quite a bit in cred cards) leaving 50k. We want to build on a site we'd be hoping to get for 250-275k, i'll work off best case scenario figure of 250k (expensive I know, but ideal location for us).
10% cost of site = 25k. Stamp at 9% = 22.5k.
Obviously site purchase would depend on sale of house and fees (auctioneers, solicitor etc) would need to be taken from overall leftover cash before we purchase. Debts are the big problem as it eats into our spare cash and it would rule out buying the site by anywhere between 10-15k.
Is there anyway we could juggle finances to make up this shortfall, ie: not declaring credit cards to bank, somehow keeping off paying some fees until we draw down on building portion of mortgage or can some type of bridging loan be used to pay 10% site cost or stamp cost.
I'm just thowing this situation out there to see if people can see a way to do this. If I haven't provided enough info let me know etc but any advice taken.
Thanks,
PS: we can service our mortgage no problem, it's not like we're stretching what we can afford, it's just we dont have enough liquid cash coming out of the house sale
I'm hoping someone might give some advice, the situation is this:
Our house is currently worth about 450k with a mortgage of approx 355k. If we sell at this price it obviously leaves 95k. We have total debts of 45k (quite a bit in cred cards) leaving 50k. We want to build on a site we'd be hoping to get for 250-275k, i'll work off best case scenario figure of 250k (expensive I know, but ideal location for us).
10% cost of site = 25k. Stamp at 9% = 22.5k.
Obviously site purchase would depend on sale of house and fees (auctioneers, solicitor etc) would need to be taken from overall leftover cash before we purchase. Debts are the big problem as it eats into our spare cash and it would rule out buying the site by anywhere between 10-15k.
Is there anyway we could juggle finances to make up this shortfall, ie: not declaring credit cards to bank, somehow keeping off paying some fees until we draw down on building portion of mortgage or can some type of bridging loan be used to pay 10% site cost or stamp cost.
I'm just thowing this situation out there to see if people can see a way to do this. If I haven't provided enough info let me know etc but any advice taken.
Thanks,
PS: we can service our mortgage no problem, it's not like we're stretching what we can afford, it's just we dont have enough liquid cash coming out of the house sale