Cheapest bridging loan? LTSB?

baby_frogmella

Hi

I know a bridging loan often doesn't come cheap but out of the ones out there would you say Lloyds TSB offer the cheapest with the interest at base rate +1% and 0.5% arrangement fee for a closed bridging loan? I realise i would have to open a LTSB current account. I've found a buyer for my property and about to exchange contracts but he can't complete until end of Oct and the new build which i was supposed to have completed in mid Aug, i have until end of Sept to complete on. I already have a mortgage on my existing property and will port this over to the new property, i have the offer in place already. I did ask my lender Nationwide about having 2 mortgages (which i could afford) they said I could subject to affordability, but then i wouldn't be able to port over my existing mortgage and would suffer early repayment charges of 3% :eek:. Would appreciate your thoughts.

Thanks

jonesMUFCforever

IMO they will not lend to a non customer - opening an account now may not be acceptable without you having a credit record with them.

As well as the arrangement fees you will also have to pay any security fees and expenses.