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Short Term Loan to Assist House Purchase Abroad Needed
virgo17
Posts: 994 Forumite
My wife and I own our property in the UK. There is no mortguage as we paid this off some years ago. I would imagine the property is worth about £400,000. For various reasons we do not wish to sell this property for perhaps 18 months.
We wish to purchase a property abroad and are able to muster most of the cash required, but need about £125,000 to tide us over until my pension is due, which will pay a lump sum able to clear the £125,000. This loan of £125,000 would be needed for about 10 months. After that we will repay the loan in full and a year or so later sell our UK property, the proceeds of which would be invested to provide income to supplement our pensions.
We have heard that a bridging loan is quite costly in terms of arrangement fees and also in interest payments.
What would anyone suggest as the best way for us to proceed?
Many thanks,
V.
We wish to purchase a property abroad and are able to muster most of the cash required, but need about £125,000 to tide us over until my pension is due, which will pay a lump sum able to clear the £125,000. This loan of £125,000 would be needed for about 10 months. After that we will repay the loan in full and a year or so later sell our UK property, the proceeds of which would be invested to provide income to supplement our pensions.
We have heard that a bridging loan is quite costly in terms of arrangement fees and also in interest payments.
What would anyone suggest as the best way for us to proceed?
Many thanks,
V.
0
Comments
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** BUMP**
Anyone help at all ?0 -
Can't you talk to one of the posters who say "i have 100k (or whatever) and need to find the best investment for it"?
Sounds like that would sort you out!
Bridging loans are generally for only a few months and are, as you rightly say, very expensive.
My feeling is you can't afford this for 10 or 18 months, but maybe i'm just being negative!
Remortgage the 400k house now to get some cash out of it?Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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