Advice - possible bridging loan?

lauraland

To summarise my current situation:

I have a property in northern ireland that i have accepted an offer on this week - There is no mortgage on this property and the cash will be going directly to purchasing a property in Scotland. It will take approx 8 weeks for the sale to be completed.

I have found a property in scotland that i love, and that is well within budget - i can buy it outright with the cash from the sale without needing to get a mortgage.

As far as i am aware in scotland i cannot make an offer on a property on the condition that my property sells, basically i should be 'ready to go' when making an offer.

My problem is that currently i am not in a position to make an offer until my sale is completed, and i am worried i may lose out on buying this property.

Considering all this, would it be an option to get a bridging loan that would enable me to make an offer, and that i can pay off in full once my property sale is completed? Also my credit history is a joke and i am a student/PT employee - would it even be possible to get this type of loan?

I hope this makes sense - i will try and provide further details if needs be. any advice would be much appreciated TIA

sonastin

as I understand it (which admittedly isn't that well) you don't need to be ready to go to purchase in scotland (i.e. money in the bank) but once your offer is accepted you are committed. If you are absolutely certain that your sale is going to go through you can probably offer on the scottish one but if there is any risk whatsoever that your sale might fall through, you could be committing yourself to a purchase that you can't pay for. (So in England you should have exchanged but not necessarily completed. Don't know what the situation is in NI)

I'm sure someone scottish will come along and let us know if I am mistaken...

lauraland

sonastin wrote: »

as I understand it (which admittedly isn't that well) you don't need to be ready to go to purchase in scotland (i.e. money in the bank) but once your offer is accepted you are committed. If you are absolutely certain that your sale is going to go through you can probably offer on the scottish one but if there is any risk whatsoever that your sale might fall through, you could be committing yourself to a purchase that you can't pay for. (So in England you should have exchanged but not necessarily completed. Don't know what the situation is in NI)

I'm sure someone scottish will come along and let us know if I am mistaken...

Thanks, yes i think you are right - in scotland once the offer is accepted it is binding, whereas in NI it isn't binding until the missives are signed, i think - its soo confusing dealing with all these different systems! :rotfl:

My buyers are very keen, and have a large deposit to put down but with all things there is always a risk i guess. I think i may have to resort to keeping my fingers crossed that the flat i want doesnt sell within 8 weeks, rather than risk being left with an expensive bridging loan that i cant afford to pay.