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Buying home with cash and mortgaging after?

paulers06 · 2021-06-14 08:25:45

We are interested in buying a house but would need to sell our own and the seller is not interested in getting involved in a chain. We have a lot of savings and a family member has offered to loan us the balance of cash needed to purchase the home which would take the pressure off selling our own in time. Does anyone know…

14-06-2021 8:25am

#1

paulers06

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We are interested in buying a house but would need to sell our own and the seller is not interested in getting involved in a chain. We have a lot of savings and a family member has offered to loan us the balance of cash needed to purchase the home which would take the pressure off selling our own in time. Does anyone know if you can draw down on a mortgage on a house after purchasing?

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#2 14-06-2021 2:40pm

DubCount

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I think you need to speak to a mortgage broker. There are equity release mortgages which would do what you are looking to do, but you would need to check if you would qualify for this and what the T&C's look line relative to a regular mortgage (e.g. the LTV could be higher etc.)

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