Please help, should we get a bridging loan?

jackkelly

Hi all posting here aswell as house buying thread for some advice. We are FTB's part of a chain of 3, everything was going well til now!
Everything is in place mortgage, searches surveys etc but my husband is leaving the RAF on april 16th with a large payout which we will use for our deposit £45000. Now our vendors have been aware of our situation from the very 1st viewing and said fine, their vendors have decided they want everything done and completed by april 26th as they are leaving country retiring abroad..
There is no way we will be able to meet this date the MOD will not tell us when they will make the money available to my husband, all they say is within 20 working days of his leaving date. I have begged, pleaded, shouted at them but no joy.
We are worried about everything collapsing now so are considering a bridging loan for the deposit until the money from MOD comes thru.
Is this an option worth considering how much will it cost us, will anyone even give us one?
Should we just hold firm and hope that we are past the point of no return and it is in no ones best interest to pull out now so close to the end.
Many thanks all advice gratefully received
jackkelly is online now Edit/Delete Message

toonfish

bridging loan is difficult as there is no security for th elender. It may be worth approaching your bank, with proof of the money to come for a short term unsecured loan. Even if they won't lend the full amount it may help.

jackkelly

Thanks for your reply we have proof from the MOD that the money is coming and how much for. I doubt either of our banks will lend us £45000 I'm with Abbey and my husband with Barclays we have good credit our mortgage is with Abbey, but it just seems an awful lot of money.
Cheers

toonfish

they may not, but it's worth asking if you explain the situation.