Bridging loan recommendation - urgent

Bob63

My mum exchanges contracts tomorrow with completion due on July 24th for the sale or her house and the purchase of an empty house. She wants to get a bridging loan to allow her to complete the purchase a week early so contractors can start work on the empty property.

Can anyone recommend a bridging loan provider? The only vendor I have spoken to, First-Bridging.co.uk, charges a 1% admin fee which makes the loan uneconomic.

regards,

Mike

BlondeHeadOn

Is both her existing mortgage on the old house and the new mortgage both with the same company/bank? If so I'd ask them first - when we moved house we had a weeks' gap between completing on our new house (happening first) and completing on our old house, and our mortgage was with HSBC. We asked out mortgage advisor and he just said "well, we have both houses as security, you've exchanged contracts already on your old house, and your new mortgage is still with us anyway - to be honest, it would be more trouble to raise the paperwork than it's worth" - and they didn't charge us anything at all extra for that one week of having 2 properties!

Mind you, the advisor might have just wanted an easy life, but it is definitely worth asking!

BlondeHeadOn

PS It also made moving house very easy, as we had a whole week to transfer stuff from one place to the other - no expensive removal men and major time hassles.....

Bob63

Thanks. I tried the mortgage provider following your advice, but they don't do bridging.

I think we just need to abandon the plan and simply wait for completion to happen at the normal time. The extra cost of bridging if arrangement fees are involved just isn't worth the benefit of having an extra week's access to the house.

Mike

[Deleted User]

I had a similar situation when i moved earlier in the year, I did it with 0% balance transfers on credit cards, prob not the best way to do it but did the job for me.