Bridging loans or something

quoy

I need to raise £200,000 to purchase a property as mine hasn't completed yet. any ideas?

chambta

You're right it would need to be a bridging loan!

Would almost certainly need to be with the bank you currently bank with and bear in mind it won't come cheap. % set up cost plus daily interest at base+.

Any

Once my sister had to have bridging loan when they moved properties and lost buyer for the old house in the last minute and I know that at the time it was costing them about £2.5k a month. And that was until mortgage for £200k can be sorted.

quoy

I thought it would have to be a bridging loan, trouble is we are with HBOS so can't see us getting a bridging loan there, that was the trouble, I knew it would be expensive but what can you do? If we give up the house we have to start again

PasturesNew

You're better off selling your house and not having a house to go to, then ending up paying for both and having your buyer pull out.

Seriously ... one house at a time. These are uncertain times.

countrygirl84

Everybody is right here. I used to be a loan advisor and bridging loans were something that were done rarely as they are so expensive. I'm not sure if it helps but in our bank we only allowed our premier customers to have bridging loans. Premier customers were customers with an income of >£100k pa or assests of £250k (not including the house they were living in). As it was also explained in an earlier post, you are charged interest daily at a % above the base rate. So remember that your payments could go up during this period if the base rate increases (although I think this is unlikely with the way things have been recently).