Bridging loan

cquinn25

Does anyone do bridging loans nowadays? I want to buy a property and have over half of the deposit, but will need a loan until the other property sells. I don't want to arrange a mortgage for a few months can anyone help?

jonesMUFCforever

What do you think a bridging loan is then?
You will have to pay for a lender to get its charge on both your properties if you want a Bridging loan these days - a mortgage might be a lot easier to get.

DCFC79

jonesMUFCforever wrote: »

What do you think a bridging loan is then?
You will have to pay for a lender to get its charge on both your properties if you want a Bridging loan these days - a mortgage might be a lot easier to get.

As well as being easier to get its also cheaper to get a mortgage.

Bridging Loans are expensive OP, what if the property takes months to sell.

desperate_times

Yes you can get a bridging loan for that especially at 50% which is a relatively low LTV. I don't see why there would need to be a charge on your existing house. It won't be cheap - around 1% per month plus arrangement fees but with that LTV you could probably roll-up interest into the loan and pay once house sold. Of course a normal mortgage is much cheaper but can you support a mortgage on two properties?