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 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
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
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.