Unreasonable Mortgage Fees?

tom0407

Hi,

Please can someone advise me of a good organisation who might provide a mortgage for £350k for 3 months. The loan would be at no risk of not being paid back in full after the 3 months, it's just a cash flow issue. Do you think being charged £5k + 2% above base rate is unreasonable?

Thanks,
Tom

silvercar

I always thought that 1% was the going rate for bridging loans.

Pop over to singingpig.co.uk, there are some packagers and bridging specialists over there who may be able to help.

tom0407

Thanks, I've just done a quick bit of research and maybe it's not such a 'bad' deal after all!

"All bridging deals involve high interest rates. Usually it is the Bank of England bank rate plus 2% to 2.5%. There is also an arrangement fee ranging from 0.5% to 1.5% of the value of the loan."

http://www.thisismoney.co.uk/bridging-loans

MBM

You could always look at a standard mortgage that does not have any early redemption penalties rather than bridging.

tom0407

Thanks for the tip good idea.