Can't get mortgage to pay back bridging loan

Savage68

Hi All,

I'm trying to get a mortgage on the house i bought using a bridging loan.

The mainstream lenders say they can't provide a mortgage to cover a bridging loàn. Why..?

Any suggestions as to where I may be able to get a mortgage would be greatly appreciated..!

Thank you.

Thrugelmir

What happened to the property you were selling?

MortgageMamma

There are lenders that will do it, but you need professional help. I don't mean to sound unhelpful, but without a full fact find in front of me I can't really speculate as to which lender would do it.

ACG

There are lenders and at normal rates, but you should grab a broker to give you a hand.

What was your exit stratagy when you originally took out the bridge?

Savage68

Hi,

Original property sold and that mortgage was paid off. The bank wouldn't let us port the mortgage to the new property. Exit strategy for the bridging loan was to get a new mortgage on the new property, but this has proved to be a liitle difficult..!

Anyhoo, light at the end of the tunnel ... yorkshire bank say they can do a mortgage, so we're just starting the application process. Will still get independent advice from a broker though.

Thanks for all you replies.

Michael.