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Gap between mortgages. Bridging loan?

I'm about to sell my house. I have a sizeable personal loan that's stopping me getting a new mortgage. Using the equity from the sale I'll be able to pay it off and leave enough deposit for a new mortgage. But that leaves me with a gap between homes with nowhere to go. I've no family I can stay with. Is there anyway of getting funds to clear this loan in advance?

Living in Scotland
Currently house sale price £140k
Mortgage settlement £93k
Which leaves £47k, my share of which is £23.5k (separation)
The loan settlement is just under £13k 
I need £6k for a 5% deposit on a new home which leaves £4.5k to cover solicitors, moving etc.

The problem is the £13k loan. I need to pay it off before I'm able to qualify for a new mortgage.
But I can't pay it off until the money from the sale comes through
But I've nowhere to live for that 8weeks or so between mortgages.
I can't find a rental that short term and airbnb or hotels etc are far too expensive. 

Is there a way to get around this? Are bridging loans still a thing? Can I get one, is it advisable? I can't be the only person who's been in this position? I'm struggling to work this out 

Comments

  • Tooskint
    Tooskint Posts: 38 Forumite
    10 Posts
    I dont know about bridging loans but had to stay in airbnb for 2 months between selling house and buying.  Look for one that gives you a discount for monthly stays in someone's house and also remember you have no electricity and gas Bill's or council tax to pay.  Also you need to factor in your storage costs along wth double removal costs as they need to move from existing house to storage then back again.  
    Have the bank told you that you need to pay it off before they will lend to you. 
      
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