We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Do Bridging Loans Exist Still?
chambta
Posts: 2,770 Forumite
I don't hold out much hope for this gentleman but I said I would investigate if he had any options.
In short, he's 86 years old and has agreed a sale on his property for around £750,000. He's put a deposit down on a small retirement property for a much smaller amount and will move in when the transactions are sorted.
Ideally though he'd like to get into the new property a couple of weeks ahead of his sale - at his age he doesn't want the 'on the day' hassle of a move. He's asked the owners of the retirement village about renting for a short time ahead of completion and after speaking with their legal department came back with a 'sorry, but no'.
His bank ceased offering bridging loans a few years ago (he enquired). Is it likely he'll get any joy with this scenario with any reputable company?
In short, he's 86 years old and has agreed a sale on his property for around £750,000. He's put a deposit down on a small retirement property for a much smaller amount and will move in when the transactions are sorted.
Ideally though he'd like to get into the new property a couple of weeks ahead of his sale - at his age he doesn't want the 'on the day' hassle of a move. He's asked the owners of the retirement village about renting for a short time ahead of completion and after speaking with their legal department came back with a 'sorry, but no'.
His bank ceased offering bridging loans a few years ago (he enquired). Is it likely he'll get any joy with this scenario with any reputable company?
0
Comments
-
There are bridging loans available, whether theyre available to someone in their 80s is another matter. I imagine there will be a lender somewhere who will do it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
His age will only count against him for obvious reasons. He's hoping for a relatively quick transaction and if nothing can be sorted, rather than risk losing his buyer, he'll have to go with it as it is.0
-
Your best speaking with a broker and getting them to do the research needed. I wouldnt rule it out just yet.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
I'll see if there's anyone local I can suggest he contacts. Thanks for the advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards