Short-term mortgage

Stonk

Hi,

I am looking for the most efficient way of getting a short-term mortgage, i.e., one that I can pay off in full after only a few months. A sort of "bridging loan", if you like.

The reason is purely one of cashflow. I am selling a property which I own outright, and buying another. For numerous reasons, I want these two transactions to be independent of one another, with my sale completing a few months after my purchase. The sale proceeds plus the cash in my hands will easily cover the purchase of the new property, but the cash alone will not. I need a short-term loan for the shortfall.

Therefore I am not especially bothered about a low interest rate, because a few months at, say, 5.50% instead of 5.00%, won't amount to much difference. What is most important to me is that any fixed fees are low - both up-front (e.g. arrangement fee, reservation fee) and at the end (e.g. closure fee). And, of course, that I can repay the whole balance without notice or penalty.

ING looks promising. As far as I can tell, there are no fees of any kind, and it is totally flexible. Have I read that right?

Are there any similar alternatives I should look at?

Thanks!

JoeK_3

Stonk wrote: »

Hi,

I am looking for the most efficient way of getting a short-term mortgage, i.e., one that I can pay off in full after only a few months. A sort of "bridging loan", if you like.

The reason is purely one of cashflow. I am selling a property which I own outright, and buying another. For numerous reasons, I want these two transactions to be independent of one another, with my sale completing a few months after my purchase. The sale proceeds plus the cash in my hands will easily cover the purchase of the new property, but the cash alone will not. I need a short-term loan for the shortfall.

Therefore I am not especially bothered about a low interest rate, because a few months at, say, 5.50% instead of 5.00%, won't amount to much difference. What is most important to me is that any fixed fees are low - both up-front (e.g. arrangement fee, reservation fee) and at the end (e.g. closure fee). And, of course, that I can repay the whole balance without notice or penalty.

ING looks promising. As far as I can tell, there are no fees of any kind, and it is totally flexible. Have I read that right?

Are there any similar alternatives I should look at?

Thanks!

It looks like you may already have found one of the cheapest ones.

JoeK