bridging loan & buying

needadvice2_2

my partner and i are in the process of buying a house to renovate.
the mortgageis to be in my name and the deposit/funds etc will come from him (with a declaration of interest)
we are due to complete this week, but the mortgage company are delaying and we are going to need a bridging loan to cover.
It seems this will need to be in my partners name as if its in mine, the mortgae will fall through (as they wont lend to someone within 6 months of having a mortgage and the bridging loan would count a sone- so i would lose a whopping arrangement fee)

question is how will this affect the contracts that the solicitor has been working on? both our signatures/names are on the exchange contract (though the rest of the paperwork is in my name)
will this cause a problem for the solicitor or will it just be a change of name to his???

Doozergirl

When do you expect to be able to complete?

Is it worth completing late by a few days instead of complicating with bridging finance? You will incur interest but as long as it is not for more than 'days' then the interest won't be as high as the arrangement fee of bridging.

I don't know how security on bridging finance works (do they take security on the house?) but if the mortgage is in your name only then all the contracts should be in your name only. Your solicitor will know that. You can't change the contracts to your partner's name for bridging and then get a mortgage in your name.

I think you need to speak to your solicitor. They will have been through this all before.

needadvice2_2

thanks Doozergirl,

we cant delay completion.
the bridging loan is secured against the property we are purchasing which is why it will affect the mortgage i have applied for if its in my name. my financial advisor suggested the bridging laon be in my partners name, then once the mrtgae application is sorted, i 'buy' the house from him.