Bridging Loans - Who?

morleymackam

We're considering the use of a bridging loan in our purchase of a new build. Any idea who offers this? Our mortgage is with HSBC but they won't touch it apparently.

clutton_2

you might want to ask them why they won't touch it ?

morleymackam

I'm aware of the massive drawbacks. We want to look into it and see if it's possible for a plan B. If our sale falls through before completion of the new build we stand to lose £19k deposit! So it may be the lesser of two evils.

tigerminxy

Might be worth asking the bank you hold your current account with.

And when you say HSBC won't touch it 'apparently', does that mean you've just read or heard it somewhere or have you actually spoken to them? If you've had the mortgage with them for a while and have got a good track record, I can't believe a bank would turn down the opportunity to screw someone for more interest when they've proven to be good customers in the past. Speak to someone with the ability to show some discretion rather than a call centre monkey who can only tap things into a a PC and say 'computer says no'.

morleymackam

Spoke to mortgage advisor in branch who said that the bank no longer offered them.