Mortgage for short term

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28 Jan 2007 00:00 by plexx Star rating in Hertfordshire & Elvi.... 162 posts Send private message

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It is possible that we shall have to complete on a new build property in about 3 months time, but with a view to selling - or trying to sell - in the short term. No, we didn't buy to make a profit (that's a laugh these days anyway) but some things have changed. Does anyone know what would be the best way to go about this mortgagewise? Perhaps interest only? After selling, we will be looking to purchase something else, but not off plan again.




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28 Jan 2007 15:39 by Rixxy Star rating in San Pedro. 2072 posts Send private message

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Hi there,

If you have to comlete then yes interest oly would be the cheapest way. I have a contact offering 80% loan to value apparently for 30 years interest only.

If you PM me than I can pass you their details, you can deal direct with them and they can advise you. You may if the bank valuatin has increased enough from when you bought off plan, be able to cover the whole purchase price with finance.


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31 Jan 2007 09:00 by miket Star rating in La Mairena, Elviria. 392 posts Send private message

Hi Plex,

I noticed your posting about "short term mortgage" advise needed for your El Soto purchase.  I would strongly advise that you tread carefully in this area as there are many brokers and lenders who are taking advantage of investors who now have to complete due to the poor state of property market just now!
The largest "one off" cost incurred by not taking the developers mortgage are the setting up costs where you can easily rack up 3.5% of costs on the loan amount alone!! Ignore any claims from any broker that states they don't charge an up front fee has the banks will add the charges to the loan and then pay a fee on to the broker!
You MUST also read the small print of any mortgage offer very carefully (In English) to understand the full implications of early mortgage repayment charges. In spite of this any interest only mortgage period will no doubt soften the blow in the short term.

Having had the pleasure of meeting up with Patrick (Smiley) over Christmas I would recommend that you contact him for more professional advice? I havn't come accross very many REAL professionals on the CDS but Patrick is extremely knowledgeable and I believe a man of integrity. Take time to look around his many contributions to the message boards "What you see is what you get"

Good Luck



This message was last edited by miket on 1/31/2007.

This message was last edited by miket on 1/31/2007.

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02 Feb 2007 07:48 by plexx Star rating in Hertfordshire & Elvi.... 162 posts Send private message

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Thanks for the sound advice, Mike.



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