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bridging loan
kacey12
Posts: 6 Forumite
wondering if anyone can help ive got a house currently on the market mortgage free and found a house i would like?
now ive been out of work for 2 months and been told the only way i can buy this other property is a bridging loan? can anyone suggest anything else?
now ive been out of work for 2 months and been told the only way i can buy this other property is a bridging loan? can anyone suggest anything else?
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Comments
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Clearly you need to sell your house first...0
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ok so no other idea??0
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How do you propose paying the bridging loan if you're not working? Unless you have lots of savings or a large redundancy package, I can't see it.
The usual thing is to form a chain. If you're likely to fall in love with another house before selling yours, don't look until you have a buyer.
Jx2024 wins: *must start comping again!*0 -
im putting mine up for sale today so it was just until mine sells0
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The fees and interest rate on bridging loans are usually horrific. They are almost always a bad idea.0
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think ill stay clear then0
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A colleague of my husband fell foul of a bridging loan which cost him dearly. He bought a house (too good to miss) to live in while renovating ,thinking the house he had for sale would soon go.
Eventually he had to put both up for sale (ie the one left and the one now renovated) and live in whichever was left. He ended up back where he started and out of pocket.0 -
im putting mine up for sale today so it was just until mine sells
Could take months to sell, and the average purchase takes 3 months on top of that. I had one take 5 months from offer to completion - and up to 8 or so months to find the right house before we even started buying it, and another took a year from start to finish as two deals fell through.
You'd have to pay it monthly anyway, not at the end, so am sure that alone would make it a no-go.
Jx2024 wins: *must start comping again!*0 -
The moral of this tale is not to look for the next one until the current one is under offer...I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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