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Bridging loan ?

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RavensRavens Forumite
2 posts
Fourth Anniversary Combo Breaker First Post
Hi. I need to get some cash to purchase a house before I sell my existing mortgage free home. The new house will be less than the value I sell my existing home for. The obvious thought is a bridging loan but as I don’t know how long it will take to sell my existing home this could prove very expensive because of how long it may take. I’m thinking of meeting a financial advisor for their thoughts, but thought I would try this forum first for any views on those that may have experienced this themselves and have good ideas from their own experience. I have no issues with clearing the debt once my existing home sells but want the best economic approach. Thanks in advance for replies. 

Replies

  • DCFC79DCFC79 Forumite
    39.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Why can't you sell before you buy ?
    Easiest way to do it imo.
  • MinuteNoodlesMinuteNoodles Forumite
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    DCFC79 said:
    Why can't you sell before you buy ?
    Easiest way to do it imo.
    OTTOMH...
    House too small and impending expanding family, need to move. Got a new job in a different town/county, need to move. Ill health, need to move. There's countless very legitimate reasons why you may not be able to wait until your current home sells before moving.
  • RavensRavens Forumite
    2 posts
    Fourth Anniversary Combo Breaker First Post
    Timing. If we don’t sell in time we lose the house we want to move to. Looks like a bridging loan is the only alternative.
  • brisbris Forumite
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    Bridging loans are very expensive and for short term use. Get it wrong and you could very well lose everything.
  • Brock_and_RollBrock_and_Roll Forumite
    1.2K posts
    Tenth Anniversary 1,000 Posts
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    If there is ill health now, just wait for the mega stress of having an open bridge when (inevitable) delays and issues arise. Been there, got the tshirt.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • normannanormanna Forumite
    150 posts
    Fourth Anniversary 100 Posts Combo Breaker
    Ravens

    Don't panic about this.  There will be other houses if you don't get that house.  It's easy to say but a delay may be the best thing as gives you time to look at options.  Put your house on the market for a reasonable price and keep an eye on the house you want. - In today's climate especially I would not go for a bridging loan even if you can get one.
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