Can anyone help with a bit of mortgage advise?
My aunty owns a house outright - it's worth about 350k. She has seen another house that she really would like to buy - it's less money, £250k.
She hasn't put her house on the market yet, so she cannot make a firm offer for the other house and expect to get the offer accepted. However, her neighbours might be interested in buying it. In order to make an offer and get the house removed, she needs to obviously show she has the funds to pay for it. But until her house has an offer, she can't. She earns a very low salary (about £12k a year), and has no other savings although between family members she could borrow about £80k on a short term basis.
She is desperate not to lose the house, but the bank won't give her a bridging loan. I thought that she might be able to get a mortgage based secured against the value of her other house - can anyone give any advice on that?
Much appreciated!
