bridging loan for 6 months until btl mortgage

lalab3

My broker has just given me his 'best' bridging loan deal:
It is through the company Pure.
We need £300000
Property value £590000
Our deposit is £290000
18 months no exit fee and can exit when we like
0.73%monthly interest rate
Facility fee 1.95%
Lender fee 1%
Valuation £550
Legal £450

In somebody's experience. .. does this sound like the best deal for this amount of money?

Dave_Ham

Its borderline ok for this sort of deal.


Given your other posts, I cannot believe you are looking at bridging without exploring the option of more traditional finance first.


I would triple check with another broker firstly.

GMS

Getting into bridging is easy. The exit is the key. How do you propose to come out of the bridge and have the numbers been checked thoroughly?

As has been said are you certain you can't get a standard mortgage now?

lalab3

Thank you for your replies.
My broker has said that it will be much easier once my husbands SA302 in may comes in as it is a much higher salary to last years. If we do a btl now its possible that our rates may be higher. Once April comes then his salary is more than 50k
Also this house is perfect for us and we enquired about it a year ago and they were not thinking of selling. So I suppose it boils down to how much we want the house and if we can afford to spend the extra in the mean time.
Also my broker does seem to think that as those 2 other applications were done incorrectly as residential by sequence he feels that a btl now will be tricky and we will probably lose the house.

Dave_Ham

Sounds like rubbish from your broker being totally honest..

Clearly your call