Where can I borrow £80k for a couple of months...?
10 September 2003, 04:48 PM
#2
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Nimbus
Can't offer you anything other than my unending sympathy - have been going around and around this bloody wheel for over a year now. My best advice is to stock up on booze, get roaring drunk and sod the lot of 'em!
When you're at the mercy of estate agents, mortgage companies, solicitors and mind bogglingly picky individuals who have seen one too many home improvement shows, then there's no sensible way out.
I'm now at the stage where mortgage company A wants a letter form mortgage company B, but mortgage company B don't write letters they'll only fill in forms. So mortgage company A have now sent the forms to mortgage company B and all I have to do now is wait....
I will say it ONE more time:
HOW CAN THEY CALL THEMSELVES VIRGIN WHEN THEY'RE SO FULL OF PR1CKS!!!
(and relax.......)
[Edited by Drunken Bungle ***** - 10/9/2003 4:49:53 PM]
Can't offer you anything other than my unending sympathy - have been going around and around this bloody wheel for over a year now. My best advice is to stock up on booze, get roaring drunk and sod the lot of 'em!
When you're at the mercy of estate agents, mortgage companies, solicitors and mind bogglingly picky individuals who have seen one too many home improvement shows, then there's no sensible way out.
I'm now at the stage where mortgage company A wants a letter form mortgage company B, but mortgage company B don't write letters they'll only fill in forms. So mortgage company A have now sent the forms to mortgage company B and all I have to do now is wait....
I will say it ONE more time:
HOW CAN THEY CALL THEMSELVES VIRGIN WHEN THEY'RE SO FULL OF PR1CKS!!!
(and relax.......)
[Edited by Drunken Bungle ***** - 10/9/2003 4:49:53 PM]
09 October 2003, 11:25 AM
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First time buyer in our chain has pulled out and we've had to put our house back on the market 
. We've fallen in love with the house we were going to move into, but looks like that won't happen now .
I'm looking for ways to still make it happen but unless we get a buyer ASAP (house back on at <15% of similar houses in same part of village) we'll lose the one we want to buy. Only thing I can think of is to borrow the balance until ours is sold again.
Any advice or someone with some spare cash want to help out?
. We've fallen in love with the house we were going to move into, but looks like that won't happen now . I'm looking for ways to still make it happen but unless we get a buyer ASAP (house back on at <15% of similar houses in same part of village) we'll lose the one we want to buy. Only thing I can think of is to borrow the balance until ours is sold again.
Any advice or someone with some spare cash want to help out?
09 October 2003, 03:25 PM
#7
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How can you guarentee it will only be for a couple of months?
What if your house doesnt sell.
How much would you expect to pay back on 80 grand over say, 6 months?
If your house didnt sell what could we take off you to re-coup the money?
Are you still interested?
What if your house doesnt sell.
How much would you expect to pay back on 80 grand over say, 6 months?
If your house didnt sell what could we take off you to re-coup the money?
Are you still interested?
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09 October 2003, 03:43 PM
#10
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Why did they pull out, do you know?? i had my house up for sale & this guy offered full asking price, but i hadnt found anywhere to go, the guy got the impression i wouldnt move for ages so he backed out, then i found somewhere & rang him up after a month & rehooked him again, cost me £5K 
in lost profit. They may have pulled out for something that you can influence, just a thought
in lost profit. They may have pulled out for something that you can influence, just a thought
09 October 2003, 04:06 PM
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The chain is like this...
ftb
house1
house2
My house
house 3
House 1 needed some work doing that a building survey found. Lender would not offer mortgage until work had been carried out. FTB felt that was too much work and so pulled out. Our buyers are on holiday at the mo so not sure they even know what's happened.
When we were selling we had said that we would move out if we could not find anything in order not to delay the sale. This also helped with our purchase as it gave them time to find something if we were living in temp accomodation.
All seems to have gone t1ts up
ftb
house1
house2
My house
house 3
House 1 needed some work doing that a building survey found. Lender would not offer mortgage until work had been carried out. FTB felt that was too much work and so pulled out. Our buyers are on holiday at the mo so not sure they even know what's happened.
When we were selling we had said that we would move out if we could not find anything in order not to delay the sale. This also helped with our purchase as it gave them time to find something if we were living in temp accomodation.
All seems to have gone t1ts up
09 October 2003, 04:10 PM
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Nimbus
There are a number of options that you can try although it will depend on your circumstances as to whether you will be elligable or not.
1. Bridging loan (alternative bank or building society) very expensive!!
2. Re-mortgage your current property for the additional amount that you need (assuming that you have sufficient equity and or sufficient income to support this additional amount) If you are able to do this, we assume that the purchase price of the property that you want and the sale price of yours stays the same or you could end up in a worst case senario of having to fork out the difference.
3. There are companies that will buy your house for cash, obviously they are not going to pay full market value for it but thats how they make thier money. (probably £3000 to £5000 less than market value)but its a quick option and keeps you in the chain.
4. Have you checked what your onward seller will do if the chain breaks. They may be prepared to wait. Ask your estate agent.
5. Find a new buyer really quick, one with a mortgage application approved for the amount of your property. Get your estate agent to try all options. Ask them if there are any investment buyers looking, which brings me onto my next idea.
6. Consider renting your property. Be prepared to move quick, you may even have to find alternative accomodation short term. Your mortgage company may well be prepared to do this as under the terms of an Assured Shorthold tenancy as the income is guaranteed and will support your current loan with them. This will give them the insentive to loan you the additional amount until you can sell your house. (Be advised that there are restrictions on selling your house during a Tenancy. If they wont, try another lender.
Hope this helps
Chris
There are a number of options that you can try although it will depend on your circumstances as to whether you will be elligable or not.
1. Bridging loan (alternative bank or building society) very expensive!!
2. Re-mortgage your current property for the additional amount that you need (assuming that you have sufficient equity and or sufficient income to support this additional amount) If you are able to do this, we assume that the purchase price of the property that you want and the sale price of yours stays the same or you could end up in a worst case senario of having to fork out the difference.
3. There are companies that will buy your house for cash, obviously they are not going to pay full market value for it but thats how they make thier money. (probably £3000 to £5000 less than market value)but its a quick option and keeps you in the chain.
4. Have you checked what your onward seller will do if the chain breaks. They may be prepared to wait. Ask your estate agent.
5. Find a new buyer really quick, one with a mortgage application approved for the amount of your property. Get your estate agent to try all options. Ask them if there are any investment buyers looking, which brings me onto my next idea.
6. Consider renting your property. Be prepared to move quick, you may even have to find alternative accomodation short term. Your mortgage company may well be prepared to do this as under the terms of an Assured Shorthold tenancy as the income is guaranteed and will support your current loan with them. This will give them the insentive to loan you the additional amount until you can sell your house. (Be advised that there are restrictions on selling your house during a Tenancy. If they wont, try another lender.
Hope this helps
Chris
09 October 2003, 04:19 PM
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Thanks Chris,
1. Too expensive I think now...
2. Will check with our lender.
3. They are going to put the house we want back on the market I don't blame them really...
4. Already got ours back on the market and they have it on the Internet, shop window etc. Going in the county paper this weekend.
5. We're not really in a good renting location I think, but I'll speak to the Estate agents and see what they say about this. We've said all along that we can move out short notice and live in temp accomodation. That's what helped us before.
Cheers for your suggestions.
1. Too expensive I think now...
2. Will check with our lender.
3. They are going to put the house we want back on the market
I don't blame them really...4. Already got ours back on the market and they have it on the Internet, shop window etc. Going in the county paper this weekend.
5. We're not really in a good renting location I think, but I'll speak to the Estate agents and see what they say about this. We've said all along that we can move out short notice and live in temp accomodation. That's what helped us before.
Cheers for your suggestions.
09 October 2003, 04:37 PM
#18
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So the FTB needs to negiotate a reduction in the price of the house in line with cost of the work needed to rectify the survey results. Personally i think the FTB is playing the game, & TBH i would to 
09 October 2003, 04:40 PM
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Nimbus - if you really really want that house then you could resort to devious tactics and put in an offer on the same house but in a different name, this might buy you some extra time. Obviously I dont condone this type of behaviour 
09 October 2003, 05:06 PM
#21
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I think if you really have your heart set on this house which in theory everyone in the chain has, you are better doing as i did & contact them yourselves & not through the estate agents. worth a try?
09 October 2003, 05:16 PM
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Andy,
After 3 months of messing around (changing mortgage company because they woudn't lend on house1) the FTB just said it was too much hassle [img]images/smilies/mad.gif[/img]
Scooby69,
Now there's a plan......
DBW,
My sympathies to you too...
Chris,
Will do. Just need to speak to our buyers and see if they're up for it
After 3 months of messing around (changing mortgage company because they woudn't lend on house1) the FTB just said it was too much hassle [img]images/smilies/mad.gif[/img]
Scooby69,
Now there's a plan......
DBW,
My sympathies to you too...
Chris,
Will do. Just need to speak to our buyers and see if they're up for it
09 October 2003, 05:39 PM
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Andy,
I'm going to give them a call tonight and let them know that we are doing everything we can to make it happen.
Baldrick, you wouldn't recognize a cunning plan if it painted itself purple and danced naked on top of a harpsichord singing 'Cunning plans are here again'.
I'm going to give them a call tonight and let them know that we are doing everything we can to make it happen.
Baldrick, you wouldn't recognize a cunning plan if it painted itself purple and danced naked on top of a harpsichord singing 'Cunning plans are here again'.
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