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Bridging Loans
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Are they still available?
We are hoping to build on a plot in our garden. We would have to sell the house, though, and live in our caravan unless the bank would give us a bridging loan to cover the cost of the build.
Have you got planning permission ?
You checked Google, money.co.uk has some options.0 -
Bridging loans are just for short term things (like to 'bridge' a gap between a house purchase and a mortgage being approved, and by short term I mean days to weeks). The interest rates are eye watering, and there's high fees on top, so it's probably really unwise to use them for a build because of the massive interest rates.0
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Oh I dont even know what is it) cause I never will take a credit:T
You levitate above us all, basking us in your perfection.
What an utterly stupid thing to post. Genuinely, what was the point of making a post like this except for shameless gloating? Would you like everyone to reply "good job", "wow you're so clever!", "I really aspire to be like you one day"?
Surprisingly enough, a forum based on being money savvy is populated by a lot of people that don't need to use credit :eek:
@OP what sum do you expect to need to borrow? Why can't you take out a regular loan?Know what you don't0 -
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Deleted_User wrote: »Post building. Similar content-free posts all over the site.
Ohhhh I see. Ironically their second to last post mentions the credit and loans they've taken out - so much for never.
Sometimes it can be difficult to be polite on this forum!Know what you don't0 -
Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.
To answer a couple of the questions though for future reference
Yes we do have planning permission.
I suppose we could get an ordinary loan.0 -
Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.
To answer a couple of the questions though for future reference
Yes we do have planning permission.
I suppose we could get an ordinary loan.
It does help if you look for the right product - what you are looking for is a self-build mortgage, not a bridging loan. There will, of course, be different conditions attached compared to a conventional mortgage and the money is released in stages as the build progresses.0 -
Could you not just mortgage your current property to raise the funds for the new build?Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.
To answer a couple of the questions though for future reference
Yes we do have planning permission.
I suppose we could get an ordinary loan."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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