Any suggestions? Looking for Bridging Loan 75% LTV TRULY NON-STATUS

sillywotsit

Any ideas where to look or recommend a broker for a truly non-status Bridging Loan at 75% LTV? If anyone has recent experience and can give an indication of the interest rate I should expect to pay that'd be really helpful thank you!!!!

Dave_Ham

Why did you not just post a reply on your other thread from yesterday. My same questions are still valid:

You know what, I deal with adverse all day every day and am on the front foot with these. I was reading through thinking achievable, achievable, achievable and then the payday loan sensation.

There will still be options largely thanks to your deposit.

Exactly how long ago was the last payday loan?
Exactly when was the last default?
Are all of the defaults paid up now?

Anything else significant other that what was posted..?

Additionally, bridging just be a last option which will involve a clearly defined exit strategy - which given your credit history may be an issue.

Ballpark figures are 2% fee, 1.5% monthly

Not for the feint hearted...

sillywotsit

Sorry Dave - I've had a broker working on it and he called this morning to say it looks like a no hoper until there's a bit of clear blue water. A colleague mentioned a bridging loan with the POSSIBLE upside that it will give me a provem track record at an amount higher than the mortgage will be or (if the ultimate lender would be up for it) making high repayments over a shorter term.

The nearest the broker got was Alermore (not sure if I've spelt that right?) Bank (for the main mortgage that is)

Dave_Ham

Nearly - Aldermore at sub 80% LTV where they will disregard any paid defaults outside of 3 years.

Did they throw out as the defaults are not showing as satisfied or another reason as they do manually underwrite.

How is your income structured?

Bridging really is an expensive, dangerous solution..

sillywotsit

Problem will be/is the defaults are not marked as cleared yet - and don't they have to be cleared for a certain period of time?

Income is salaried - good level (approx 2.2x what I am looking to borrow) but therein lies another problem! How's this for irony - I've got a promotion to a different employer (not a massive salary hike but some) and so looks like I need to be with them for 3 months - does that sound right?

Again, am very sorry for not replying yesterday - i think my options are gone on that front no?