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Advice Needed - Bridging Loans
brackem
Posts: 10 Forumite
Hi
i need a bit of advice and hope someone can help as it seems to be hard to find the info out
I have purchased a new property and am due to move in three weeks, out current property is on the market but it dosnt look like it will sell in time to complete on the same day .
We already have the deposit for the new house in cash , so my question is do we need to look at bridging finance or can we just pay the 2 mortgages for a couple of months??
i need a bit of advice and hope someone can help as it seems to be hard to find the info out
I have purchased a new property and am due to move in three weeks, out current property is on the market but it dosnt look like it will sell in time to complete on the same day .
We already have the deposit for the new house in cash , so my question is do we need to look at bridging finance or can we just pay the 2 mortgages for a couple of months??
0
Comments
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If you have the full depoist in cash, does not appear that you require bridge
BUT
the new mortgage offer may state that the previous mtg needs to be repaid at same time as drawing down the new finance, - get this checked out NOW, to avoid a problem furthere down the line.
Also - assuming you are moving into a new property , rememeber to tell insurer that old property is empty!Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Brackem says that a property has been purchased.
Moves in in three weeks.
So it sounds as if contracts have already been exchanged and completion is in three weeks.
Perhaps this can be confirme or rebutted................................I have put my clock back....... Kcolc ym0
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