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How do I go about my mortgage

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29/06/2021 - 11:36 am

Hi. I want to move home. My current flat has no mortgage on it. I want to buy a house worth of 580k. I have a deposit of 100k and I think my bank will give me 290k worth of mortgage. I can only buy that house If I sell my flat quickly but it may take a little while. Is there anyway bank can lend me more money on the promise that money will be paid back as soon as my flat will be sold?

Please advise

Guest

29/06/2021 - 11:37 am

Hi there,

I assume the £290k borrowing is limited by income, but there may be other banks that will lend more than your own bank (depending on who they are)

You could get what is called bridging finance on the flat to achieve this, although the speed and flexibility of this type of finance does sometimes come at a cost.

Hope this helps

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