Alternative to bridging loans ?

wadihalfa

My mother owns her house (valued at about £400k) and wishes to move into a flat (on the market for £160k).
She wants to buy the new flat quickly so as not to lose it, and also to have some work done before she moves in.

What would be the best way to borrow say £170k in this situation?
Her house is in a desireable location and won't be difficult to sell.

Having just read about bridging loans and the expense, I wondered if there was something else worth considering.
Her only income is a pension so would need to borrow the full amount against the house.

Thanking you in anticipation.

Thrugelmir

wadihalfa wrote: »

Her only income is a pension so would need to borrow the full amount against the house.

Income is a key factor when applying for a mortgage. With only a pension that could be a stumbling block. Perhaps better to sell first. If work is required on the next property, use some of the equity to go on a cruise while it's done.