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Raising money for a deposit.

Last post Fri, Aug 22 2008, 3:42 AM by maxsteam. 1 replies.
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  •  Fri, Aug 22 2008, 12:31 AM

    Raising money for a deposit.

    I've done a stupid thing - looked at a property on the market before I've sold mine. I work from home and desperately need a separate office, adjoining a house, as I've got people wandering all over my home. The house in question would be ideal and in this area they don't come along very often. The business could get a mortgage or commercial loan (not sure which would be best yet) for the desired property and easily afford the repayments, but I will have to find the deposit personally of approximately £210K. One property which belongs to the business is already on the market, the price has been reduced accordingly in line with the current climate, but has not sold yet, this will release approximately £70K. Once the business has moved I can then put my own property on the market which will release approximately another £80K. Therefore I need to get some sort of loan for £200K, I could split it to £100K for me and £100K for my partner if necessary. I would need to be able to pay the loans back with no early repayment charge if possible as and when the properties sell.

    I have got 5 other Buy-to-Let properties but the mortgage companies I'm with are not lending any more money at the moment. There's not much equity on 3 of them anyhow.

    Can anyone please advise me the best way to go. Thank you.

    • Post Points: 20
  •  Fri, Aug 22 2008, 3:42 AM

    Re: Raising money for a deposit.

    Ask a mortgage advisor about a bridging loan.
    • Post Points: 5