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Cheapest way to borrow 200,000 for short term
Hopeful_10
Posts: 1 Newbie
Despite searching the net and this site I have a question which I'd appreciate anyone's input. My partner lives in and owns a half share in a house valued at 430,000. My house is valued at 240,000 and for sale. We want to buy his ex wife out of the house and so need to pay her 215,000. This needs to be done urgently, while the offer is on the table. We have had offers of a 2year mortgage, but only really want to borrow for 6 months while my house hopefully sells. Bridging loans seem to not exist any more. Any ideas re the cheapest way to borrow the money will be appreciated. Thanks
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Comments
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Hopeful_10 wrote: »Any ideas [STRIKE]re the cheapest way[/STRIKE] HOW to borrow the money will be appreciated. Thanks
Fixed it for you.
Very much doubt there will be a cheap way to borrow £200,000 for 6 months. It would no doubt have to be secured on property with all owners agreeing to it.
So a Mortgage would be the best route, you can always make overpayments once your place sells."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Get a tracker mortgage with no ERC's?0
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There are still bridging loans on the market.
Maybe speak to a broker if you are struggling to find anything suitable.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Hopeful_10 wrote: »We have had offers of a 2year mortgage, but only really want to borrow for 6 months
Why are you being so picky?0 -
" This needs to be done urgently, while the offer is on the table "
The offer will still be on the table in 6 months if he/she wants to move on with there life.0 -
Bridging finance - varies in cost but starts from about 0.5% per month up to about1.5% per month.
Fees in the region of 1-2% (probably towards the lower end as its a decent sized loan).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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