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Mortgage or bridging loan
kfjmiller
Posts: 2 Newbie
I have recently sold my main property and am buying in Scotland. I have a second property to sell once I have moved to the new premises (if I am successful in purchasing it). The money received from this would be enough to allow me to be mortgage free on my new property but it will be 2-3 months after purchase before I have access to this.
My question is this. Do I take out a mortgage or a bridging loan?
If a mortgage, I'd go for something which has a long repayment period, so that initial payments are lower, and that also allows me to repay all, or most for little extra cost.
But I wasn't sure if a bridging loan might be a better idea. Although I don't know how quickly the second property will sell.
Any advice would be appreciated.
Thanks
My question is this. Do I take out a mortgage or a bridging loan?
If a mortgage, I'd go for something which has a long repayment period, so that initial payments are lower, and that also allows me to repay all, or most for little extra cost.
But I wasn't sure if a bridging loan might be a better idea. Although I don't know how quickly the second property will sell.
Any advice would be appreciated.
Thanks
0
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