Hello all, I have a question regarding buying a house before selling for which I didn't find an answer in the past posts in the group.
My aim is to buy a house and have a period of, let's say, one month before I move in so that I can do some work (redecoration etc) on it. The new house costs around 190000.
If I add what a lender would give me for a mortgage for the new house (around 140000), plus my savings (33000), I don't have enough money to buy the new house directly.
But I have a good equity in my current house (67000), more than enough for what I need.
So I thought of asking my current lender (Egg) to give me an additional sum from the equity of my current house with which (added to the new mortgages and savings) I could buy the new house.
I would have two mortgages to pay, but just for one month. I would have the completion date fixed by the solicitor so that I would know exactly for how long I have the two mortgages and budget exactly the sum needed.
When I phoned Egg asking about this they said that they would not let me do this because they cannot let me have the total sum of the two mortgages (too high compared to my salary) even if this is just for a fixed and known period of time (1 month).
I'm not sure I understand their position but in any case I am looking for alternative methods to do the same thing.
Will I be able to get what I think is called a 'closed bridging loan' from another bank or lender for this purpose?