Mortgage query?

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Hi I have a house worth 95k and I only have a 27k mortgage on it. The situation is we want to move but not really in a position to wait for a buyer for our old house. I was thinking of releasing some of the equity in this house by getting a bigger mortgage to put down a big deposit on the new one. Rang my existing mortgage company and they said I can't do it because its short term borrowing. Do I need a bridging loan or is it better to just have 2 mortgages and then pay some off the new one when I've sold? Any advice appreciated this is playing on my mind!

Mortgage query?

the house market is really slow at the moment you could be left with two morgages to pay for along time ,i would wait until you sell your own first

Mortgage query?

You will always be able to sell your house quickly if you desparately need to, you might just have to accept a little less. However, this shortfall might be less than the cost of a bridging loan or a remortgage (after arrangement fees etc)

Try a google search for "buy my house now" or similar and see what you could get for it from selling it to a reselling company .

Mortgage query?

I believe the best thing for you to do is to accelerate your mortgage so that you pay off the balance sooner, and save a little money in the interest you don't have to pay. Then when you own the house outright, you have increased your personal net worth by $95,000. Then I suggest that you research the history of the house to determine if it qualifies to be on the national registry of historic places. If it does, you could be in for a windfall of support local and nationally.

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Mortgage query?

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