£30K Bridging loan, low LTV, what rate should I agree

jam_tomorrow

Hi, I am looking to take out a £30K bridging loan secured against my house ( value £280, current mortgage £110 ) this is to facilitate buying out an ex on another property that I would then sell.
What sort of fees and rates should I expect to be offered?
I have credit score of 999 with experian and 369 with equifax (linked with ex on this file who has defaulted on mortgage in joint names)

DCFC79

You know the scores of 999 and 369 are totally pointless.

Tixy

The financial association could cause you issues with getting accepted.

How long do you expect to need the bridging loan for? you may well find it cheaper to consider a remortgage rather than a bridging loan.
Presumably it could easily be a year to buy the property off him and then market and sell the house.

Bridging loans can be quite expensive and the £30k is lower than the minimum some bridging specialists will lend. Could be in the region of 1% to 1.5% a month so over a year significantly more expensive than a conventional mortgage product.

The joint mortgage ex has defaulted on - thats presumably with a third person not you?

jam_tomorrow

DCFC79 wrote: »

You know the scores of 999 and 369 are totally pointless.

No I didn't, just trying to give as much info as possible in the hope that someone could give me a clue what would be a fair rate for my circumstances

jam_tomorrow

I will be buying his share out via his trustee in bankruptcy and will probably take to market for short time and then possibly auction it.
The defaulted mortgage was in joint names, we were not divorced and I stupidly hadn't had my post redirected didn't find out about arrears until almost repossessed. The other joint mortgage on my home has been paid without fault by me.

Tixy

So its not just a financial associate with a default on their file, its a mortgage in your name that has defaulted and significant arrears?

And a financial associate with his bankruptcy of his file.

I'd imagine that will make it hard to get a loan at all and would be at a very high APR.
I'd definitely approach your existing mortgage lender first (assuming that is not the same mortgage company as the other property).

jam_tomorrow

Yes your take on the situation is absolutely correct.
Both mortgages with same lender, I paid arrears to prevent repossession.
I can draw money on credit cards with obvious costs, have been offered loan but rates have not been discussed yet but obviously anything is better than credit card option.
I was just trying to get an idea of what I should consider would be fair in my circumstances, realise it won't be good rate.