bridgeing loan or similiar

rumpleteaser

Our house is on the market and we have found another we really want. The seller is wanting a quick sale. What is the cheapest and quickest way of raising the funds. We have an existing mortgage and when we sell , this will be paid off as well as any loan for the new house.

Senior_Paper_Monitor

Do you have 25% deposit (before sale of old property) available - if yes can be done fairly easily, if not unlikely

Nitramak62

Senior_Paper_Monitor wrote: »

Do you have 25% deposit (before sale of old property) available - if yes can be done fairly easily, if not unlikely

I'm in a similar situation, and yes most banks want you to have a minimum of 25% deposit if you are going to be left with two houses, but there are exceptions.

Lloyds TSB (c&G) will give you a mortgage if you are eligable to borrow an amount that will cover both mortgages (with out having to transfer existing to them), as long as you have their minmum deposit to put down. (10% I think - I put down 15%).

I would recommend going to a FA as they will know which banks can help you.

Senior_Paper_Monitor

Sorry - the OP's question was about bridging loans (so was my answer) - there are a certainly variety of other finance options if your income (and other issues) support them.

I would agree that best route for the OP is to provide fall background financial details and see if an adviser can come up with a workround.