Moving House Bridging?

Debs12

Hi,

This is Scotland so Scotish System.

We had an offer accepected on the house of our dreams at £188 3 weeks ago tommorow.

We put 9 weeks as a moving in date on offer so 19th October.

Put house on the market and within 8 days accpected an offer subject to survey off £124,999 (just below the stamp duty) subject to survey and with the moving in date of 19th Octber so pleased.

Yesterday they tried to say things about the survey worrying them. Today survey does not seem to be the issue now wanting to change date to 18th November Four weeks later than our date.

I was at my work so hard to negotiate but our side went back to them and said we would be willing to negotaite but we would have to bridge so have to get back tp them on how much that cost. They then came back with 18th Nov it is and they weren't up for negotation although maybe brought forward of they sold there flat sooner.

I am with Northern Rock. We take out current fix rate with us of 5.09 till Feb 009 with the additional borrowing at the same rate.

I need to speak to them before making any descions and looking elsewhere? But I was busy tonight...so it will be tommorow morning from work before I can speak to them.

All I know about briding is that is a terrible word and everyone runs a mile....

I know I could ask our new house for a later date but this is the Son because the owner died and the property is empty and I know becuase of his attitude to other things..he wont really be up for it.

So we need to our mortgage with us (large redemption being a fix rate if we don't).

So I reckon we need £108K on this property to let the deal go through 4 weeks earlier than we sell the house (remember this is the Scottish system so once he has signed the missives that it he cant get out).

Any ideas how much that would roughly cost? I will ask NR in the morning?

Anywhere else we should try? Once we know the cost again we could try to negotiate again or put the house back on the market and start taken viewings again?

Any ideas!!!

Thanks

Deborah

silvercar

Bridging is a terrible word if it is open ended and you risk staying bridged for an infinite length of time.

In your case, if you are happy that it is only for a few weeks, you just need to decide if you are prepared to pay the cost.

I would guess that you are looking in the region of 1% of your bridging amount.

first try your lender, then your bank, then approach a mortgage broker. With signed missives it shouldn't be a problem to arrange.