Advice please on interest only deal

webmister22

Hi,

I was due to move in to my new house tomorrow but my buyer pulled out just before exchange of contracts which totally !!!!!!ed our plans up.

Anyway we've managed to get the people are buying the new house from to extent the deadline for exchange of contracts until 18th June. I need to get an £80k interest only mortgage on my £95k house until its sold to release some colatrial and allow us to move.

Can any body advise me on who has the best deal for an interest only mortgage with minimal setup and exit fee's as we should only need to for a few moths (Had another offer on my house buy the buyer needs to sell first)

The best deal I found was with A&L, there 5 year discount @ 5.59% with £150 setup fee any no redemption charges but I can't get a mortgage with A&L for reasons I won't go in to here though its nothing to do with a bad credit record.

Any advice is great fully received.

Thanks in advance.

Webmister22

JoeK_3

Google for a flexible mortgage.

JoeK

plane_boy2000

Have you considered a bridging loan? Would likely be quicker, and may have lower fees

webmister22

Hi Plane boy,

Any advice on where to get good value bridging finance from? I've been quoted £2k per month setup and £1.7k per month payments.

Cheers,

Webmister

silvercar

go through a broker, they will know which lenders work quickly and which can help you with a good rate. They should also know good places for bridging loans.