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Hsbc Bridging Loan
Can anyone please give me advice on the following:
In May 1997 we purchased a freehold cottage that needed a lot of renovation work on it. When looking for a mortgage, HSBC was the only bank that could help us. At the time they told us that we had to have a bridging loan and not a mortage as the house did not have a bathroom in it. Three years later we received a telephone call from a Financial Adviser at HSBC to discuss/arrange a meeting at the bank. We were told that we could have a mortgage for the cottage, even though no bathroom existed at the time. Are we in any position to reclaim some of that bridging loan back for the years that we paid the loan.
Thank you, hope you can help.
In May 1997 we purchased a freehold cottage that needed a lot of renovation work on it. When looking for a mortgage, HSBC was the only bank that could help us. At the time they told us that we had to have a bridging loan and not a mortage as the house did not have a bathroom in it. Three years later we received a telephone call from a Financial Adviser at HSBC to discuss/arrange a meeting at the bank. We were told that we could have a mortgage for the cottage, even though no bathroom existed at the time. Are we in any position to reclaim some of that bridging loan back for the years that we paid the loan.
Thank you, hope you can help.
0
Comments
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Why do you think you have a claim?
A Bridging loan is short term borrowing eg to buy one property when there is a delay in selling another. Are you sure that it is a Bridging loan that you had? Have you still got the paperwork?
You say that HSBC were the only lender prepared to help you then, so presumably you had tried others.Why after 3 years did you still not have a bathroom in there?
Are you living there or is it a second property?0
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