Best way to plug short term cashflow gap to purchase property

Sally_Ann_2

I am hoping to buy a new house and have the funds on deposit ready to go. I won't need a mortgage but there is a notice period to access all the funds I need.
What is the best way to plug this gap? It will only be for a few months, say 3 max and is approx £40,000 although if the vendor wants to complete earlier then it will be a much larger sum but the repayment is guaranteed in big lumps rather than monthly drips.
I'm wary of incurring huge fees which will be disproportionate to the period of the loan

[Deleted User]

bridging loan from your bank maybe?
can you not access your funds at all,or would you just lose some interest by withdrawing early?

TriathNanEilean

Well, I'm currently in the exact same situation as the OP. I can't give a 100% answer but our lawyer did tell us that bridging loans are nowadays almost impossible to get: banks just really don't want that business.

We will probably find the solution by (a) stalling, then (b) cashing in a fixed term bond (costing us 9 month's worth of interest plus future interest that we will not get once we become liquid again a few months later). But that seems to be the best option.

I'd be interested to hear if anyone has got a bridging loan recently?

Sally_Ann_2

Where notice can be given, it has been.
Have checked with the organisations where the funds are on deposit and they will not allow early access, even with loss of interest.
This isn't a case of ' subject to a house sale' ( which may or may not happen) - the money is there. Its just the timing that is off.
Am now looking down the back of the sofa!

Herzlos

Talk to your bank, and bring proof of the money existing but being locked away until whatever date.

redux

You said at the start you didn't need a mortgage

Maybe you could take one out anyway, just for these few months.