OH job hunting-need mortgage

C

Charlie 07

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Hi all. My husband is currently job hunting and things not moving as quickly as we thought. We have our house on the market but viewings are few. We want to put offer in on house (390K) but a mortgage broker has told us that we will not get this mortgage until he has secured job. My salary alone will not get us enough. Presuming I could get a mortgage of 230K, with savings we're still short 95K. Should we:
a. get bridging load for 95K (all repayments 4k!per month)
b. remortgage present house and borrow balance

I'd be grateful if ye could put forward some suggestions. Don't want to wait and loose the house we want.
 
You should not enter into a binding contract to buy a new home until you enter into a binding contract to sell your existing one. You could end up having to pay two mortgages or trapped unable to get out of the new purchase contract by unable to afford it. This would apply in general (unless you had significant means and could afford to service two mortgages for a period of time) but especially in your situation since your husband cannot find work.
 
Charlie 07 said:
indeed, but he works in IT so don't think its a never situation.
Click to expand...

I.T. is not what it once was in terms of employment, salary expectations etc.

a mortgage broker has told us that we will not get this mortgage until he has secured job.
Click to expand...

So everything is academic until this happens then?
 
In the current circumstances do neither. Wait until your husband gets a new job and you have sold your existing house. Have you factored in probationary period when he does get a job? There is no risk free solution here other than stay where you are until you are in a position to purchase - you aren't currently. Be realistic, otherwise you're commiting financial suicide.
 
one more thing - if you find a bank/banks willing to finance a above, then the banking sector has clearly taken no lessons from the last 6 months and would definitely not be operating in your interests.
 
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