Releasing a Mortgage

T

Tim

Guest
Hi all,

I have a question that i was hoping someone could answer. I bought a house with my girlfriend (she already has one which she is trying to sell) which i have just snagged. We got our mortgage approved, but it relies on her house being sold before being released. I want to move into the new house as soon as its ready, but her house is slow to sell despite her reducing the price. Does anyone know of a way (i have asked my mortgage provider, and to be honest i am not sure if he knows all the possiblities as seems pretty new to the game) that i can get the mortgage released, bridging/gaurantor, anything?

Thanks
Tim
 
yes tim, there is a way. But it is dependant on contracts being signed for the sale of her house. Has this happened?
Munsterdude (broker)
 
Hi,

thanks for the reply. The house has not sold yet, thats the issue.
My mortgage guy said that i would need a sale, but was wondering if there was any way around this. he was also not sure whether it had to be written sale agreed or verbal? i would assume written? What would be the solution if she got a sale and got the relevant paper work? can bridging/similar be brought into play then,???? thanks

tim
 
Tim said:
Hi,

thanks for the reply. The house has not sold yet, thats the issue.
My mortgage guy said that i would need a sale, but was wondering if there was any way around this. he was also not sure whether it had to be written sale agreed or verbal? i would assume written? What would be the solution if she got a sale and got the relevant paper work? can bridging/similar be brought into play then,???? thanks

tim
Click to expand...
From what you have said above I assume there is no written contract of sale? If not, I am afraid you are down to the one option - relying on the relationship you have with your bank manager! He/She might consider providing bridging, assuming the manager knows you well, and has a good regard for your business. (Wish my manager had that opinion of me!) For bridging purposes, banks will require sight of a contract of sale, and will provide bridging if your solicitor provides the bank with an undertaking to forward the sale proceeds directly to the bank.
 
You must log in or register to reply here.
Back
Top