Learned members,
My purchase is set up as following:
95% loan
10% equity release - deposit and stamp duty
Let's say the equity release doesn't come through in time for settlement (as it requires a change of lender and discharge of existing mortgage), how can I fund the shortfall and keep the deductibility?
The 10% will only be covered by dipping in to a higher interest line of credit (which is already mixed), and gulp, credit cards.
Will this be any different if it is an IP from day 1? Vs Year 3? I presume its the same, as it is where the trail began?
Any good ways to cover the shortfall then pay myself back with the loan?
Any alternatives I could offer the vendor to get it across the line on the date? (We both need it to settle the precise day it's planned to).
My purchase is set up as following:
95% loan
10% equity release - deposit and stamp duty
Let's say the equity release doesn't come through in time for settlement (as it requires a change of lender and discharge of existing mortgage), how can I fund the shortfall and keep the deductibility?
The 10% will only be covered by dipping in to a higher interest line of credit (which is already mixed), and gulp, credit cards.
Will this be any different if it is an IP from day 1? Vs Year 3? I presume its the same, as it is where the trail began?
Any good ways to cover the shortfall then pay myself back with the loan?
Any alternatives I could offer the vendor to get it across the line on the date? (We both need it to settle the precise day it's planned to).
Funding settlement shortfall and deductibility
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