Hi all,
I'm in a bit of a quandary. I've inherited some money and a share in a property. Probate has gone through and I've got the inherited money, but the house hasn't been conveyed into the names of my siblings and me (co-inheritors) yet. We plan to put the house on the market next selling season (autumn).
However, I'd like to buy this season if I can. I've seen a house I like and prices still seem to be rising.
I plan to ask the bank for an interest only mortgage to keep repayments low for the first year (should be enough time to sell the inherited property), then pay off a lump sum from the sale proceeds and move to a regular repayment mortgage. However, I think the sum I want will be difficult to get: I know I can afford the repayments - I've saved a comparable sum consistently for months - but it'll be outside the banks' lending guidelines.
I have accounts with a couple of banks and my question is... should I approach these myself, or go straight to a broker and get them to act on my behalf? I've been reading some of the application forms and they ask have you looked for a mortgage before, so I don't want to mess up my chances by being rejected on my own behalf when a broker could have got me a mortgage, or vice versa.
Can anyone advise please??
I'm in a bit of a quandary. I've inherited some money and a share in a property. Probate has gone through and I've got the inherited money, but the house hasn't been conveyed into the names of my siblings and me (co-inheritors) yet. We plan to put the house on the market next selling season (autumn).
However, I'd like to buy this season if I can. I've seen a house I like and prices still seem to be rising.
I plan to ask the bank for an interest only mortgage to keep repayments low for the first year (should be enough time to sell the inherited property), then pay off a lump sum from the sale proceeds and move to a regular repayment mortgage. However, I think the sum I want will be difficult to get: I know I can afford the repayments - I've saved a comparable sum consistently for months - but it'll be outside the banks' lending guidelines.
I have accounts with a couple of banks and my question is... should I approach these myself, or go straight to a broker and get them to act on my behalf? I've been reading some of the application forms and they ask have you looked for a mortgage before, so I don't want to mess up my chances by being rejected on my own behalf when a broker could have got me a mortgage, or vice versa.
Can anyone advise please??
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