Bridging Mortgage-Is there such a thing?

pauliepie

Hi

"Is there anything on the market as a bridging mortgage/loan"?

We have made an offer on a property for £195k which has been accepted(today).

The property will be empty in two weeks time.

Our house has been valued at £185k which will be put on the market next week.

Is there any lender out there that will lend out the £195k until our house is sold OR am I talking codswallop!!!!!!!!

The reason I ask is my wife is due to give birth in July and don`t want to be moving in June or after, thats if our property don`t sell?

Our estate agent said it will sell quite quickly but I wanted to know just incase.

Many Thanks

HAPPY NEW YEAR TO YOU....

BANANABUS

there is such a thing you have not drempt it!!!!

ermm someone will be along who can help more

shelly

:mad: Had a reply for you then there was some sort of glitch and it was lost.

We asked the same thing a couple of weeks ago and was told that yes they exist but they can become expensive and they have risks attached.We were recommended 2 options.
1) Buy-to-let mortgage
2) Let-to-buy mortgage.
Both options will get you the funds quickly BUT be aware that you will effectively be paying 2 mortgages until you have sold your current property. Costs can be reduced by putting either of the mortgages on an interest only basis until you have sold your property.
This is only a quick overview. I'd recommend speaking to a mortgage advisor as they can go over the figures with you and get you the best deals around at the time. We have spoken to 3 so far and they have all been very good.

thesaint

I think that the more helpful people are in bed by now!

There is a bridging loan available. I don't know if you would be able to get one in your circumstance. I say that because you haven't even put yours on the market yet. I think they are more for when you have a date to complete to work to and their is a gap of a few weeks. In your case it would be a case of a normal sale, a bridging loan might be necessary later on, but depending on chains e.t.c you could just aim for completion on the same day.

herbiesjp

A bridiging loan is normally only taken over a short period of time in order to be paying them for as short a time as possible - as they are expensive. So you would need the bridiging loan from the time you complete the purchase until the time you sell yours - that could be a long time.. it could be a short time you just don't know.

I would suggest having a word with a whole of market adviser after having read Martin's guides to see if you did indeed have other options available to you.

HTH