1. nickyromf

    nickyromf Registered User

    Jun 17, 2006
    6
    Cardiff
    Hi! I'm a newbie to the board and wondered if anyone had had any advice on obtaining a mortgage.
    I'm trying to move my mum to Cardiff from Essex so that I can take care of her. I have an EPA and ideally would like to move her first before selling her house in Essex. I've been to our bank today to see if they would help us finance the interim period inbetween the house buying and selling but they've not been very helpful!
    I'm not in a position to take on a mortgage myself and don't own my home to take out a secured loan. Has anyone got any ideas on how this could be worked out?
    I know I could sell her house at the same time but living so far away it would be very complicated and long winded particularly as I have two retirement flats for sale 30 yards down the road from me which would be perfect for mum.
    Many thanks for any advice you may have.:)
     
  2. mumof3

    mumof3 Registered User

    Feb 6, 2006
    82
    Hi Nicky

    Is your mum's mortgage paid off? Would it be worthwhile contacting her previous mortage lender and/or bank to explain the circumstances. Might be best to deal with a bank/building society that your mum has had dealings with in the past in the hope that they would be more understanding of the situation. Sounds like some kind of bridging loan is required. Could you emphasise her many years as a good customer, no mortage outstanding etc. Is the value of her exhisting home more than the likely cost of the retirement flats? If so, very little risk involved I would have thought.

    Not an expert as you may have guessed!
     
  3. Michael E

    Michael E Registered User

    Apr 14, 2005
    619
    Male
    Ronda Spain
    I am no expert either but........... Perhaps you should get 4 or 5 valuations on your mums house from Estate Agents... Explaining that you are looking for 'quick' sale and not for the biggest buck. Immediatly negoiate a 'good' rate for the sale with all 4 or 5 and put the house on the market with them immediatly.

    Clearly a bridging loan would be perfect but both you and the bank would be taking a risk if for any reason the sale took a long time to acheive.... could be many months of 'interest' on quite a large sum of money......... worth doing that sum to see how much 6 or 9 months interest on the bridging loan would be - could be more than you imagine.

    So another route might be to go and see the flats for sale that are close to you and if you like them (and if the service charges for retired people are not too high) talk to the estate agent(s) representing the vendor(S) and ask if whilst you are selling your mums home in Essex could you take a 6 month short-hold tenancy agreement with the intention of buying the moment the sale of your mums house is completed?

    This might be attractive to the vendors and the rent would probably not equate to much more than the 'interest' would on a bridging loan...

    You could move your mum and furniture at once... If you do not have enough money for the rent for 6 or 9 months then the bank (or another bank) might be willing to advance that smaller amount - when you show them the estate agent estimates - and they could take a lien on the house of your mum in the interim...

    could be worth a try...

    Michael
     
  4. nickyromf

    nickyromf Registered User

    Jun 17, 2006
    6
    Cardiff
    Thanks

    Many thanks for your replies and advice. I've manged to find a sympathetic mortgage broker who has worked wonders!!! It means I can concentrate on making the move as stress free as possible now.
    Thanks again.:)
     
  5. Amy

    Amy Registered User

    Jan 4, 2006
    3,453
    Brilliant news!!
    Helen
     
  6. mumof3

    mumof3 Registered User

    Feb 6, 2006
    82
    Well done. Glad the financing side is fixed. I'm sure you'll now be very busy organising the buying and selling. Hope everything goes smoothly for you both.
     

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