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Sharing a Bridging Loan.
v.rajput
Posts: 108 Forumite
Hello all,
To cut a long story short after 3 weeks of waiting my FTB has pulled out(everything was ready to go). My seller has moved to Canada and is temp staying with family and will settle there.
The chain ends here.
Basically myseller and i had discssed bridging loans(and to be honest id never heard of this before) so that we could move in and he gets his money and buys in canada.
He just now has suggested that we both contribute to a loan to cover what i need to buy his house. and pay 50% each to the monthly contributions/, until mine is sold or 4 months which ever comes sooner i supose.
Is this common? Can it be done? Should i do it?
I was desperate to move into the house before the school year started, but now thats not gonna happen and ive come to terms with that, but still would like to move quickly.
ta
To cut a long story short after 3 weeks of waiting my FTB has pulled out(everything was ready to go). My seller has moved to Canada and is temp staying with family and will settle there.
The chain ends here.
Basically myseller and i had discssed bridging loans(and to be honest id never heard of this before) so that we could move in and he gets his money and buys in canada.
He just now has suggested that we both contribute to a loan to cover what i need to buy his house. and pay 50% each to the monthly contributions/, until mine is sold or 4 months which ever comes sooner i supose.
Is this common? Can it be done? Should i do it?
I was desperate to move into the house before the school year started, but now thats not gonna happen and ive come to terms with that, but still would like to move quickly.
ta
0
Comments
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What do you mean both contribute? Both be named on the loan? What if one of you defaults on the loan, the other is liable ...Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Yeah i suppose, and get scr*wed:
if someone was to default then it would it not come out of the final sale.
ie if i was to default then i would take it from my purchase price visaversa.
maybe it was just his idea of throwing an idea in the air0 -
Yeah, you'd be liable as both the houses will be under your name and you'd risk both if you couldn't pay! And the other dude's in Canada!
For that reason, I'm out.0
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