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Bridging Loans

We are selling our house and put an offer on our dream house for £260,000 however we are a week from getting a moving date and our buyers buyer has gone silent and is not communicating. We don’t want to lose our dream house so have thought of getting a bridge loan... Does anybody know which providers on the internet are legitimate lenders? Thank You 
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  • MallyGirl
    MallyGirl Posts: 7,091 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 11 November 2020 pm30 4:09PM
    I'd probably try and find a broker rather than dealing direct as it is a bit of a specialised market.
    Edit - not that I would use one myself anyway after seeing friends crippled by a bridging loan that ran for over a year for various reasons outside their control
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  • If you have £90,000+ cash in the bank and you have enough income to afford the repayments for say 6 months+ then speak to a broker.

    If you have no significant savings and your chain has collapsed and you haven't exchanged yet then I would sit tight for the new chain to be comfirmed.
  • Do we have any other options as we really don’t want to lose this property? 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 11 November 2020 pm30 5:58PM
    Your vendors will be just as keen to keep the chain together.

    If they wanted to move in a week, then there's absolutely no point in going back on the market.  Just press on and your buyer can remarket if need be.


  • If your house sale falls though, you are planning on paying for the new house with a bridging loan? What if you don't find another buyer for 6 months or more?
  • Open Bridge = the most expensive, stressful and potentially lengthy experience you will ever have!
    Unless you have balls of steel, are flush with cash and spend your weekends skydiving, I would avaoid like the plague!
  • Do we have any other options as we really don’t want to lose this property? 
    Buy lottery tickets....seriously just try and reconnect the chain, let the vendors know whats happened but your still keen to buy.  How far along in the buying process are you?
  • Open Bridge = the most expensive, stressful and potentially lengthy experience you will ever have!
    Unless you have balls of steel, are flush with cash and spend your weekends skydiving, I would avaoid like the plague!
    Open bridge - the most impossible loan to get at present.
  • Do we have any other options as we really don’t want to lose this property? 
    Buy lottery tickets....seriously just try and reconnect the chain, let the vendors know whats happened but your still keen to buy.  How far along in the buying process are you?
    We were just about to get a moving date! We started the process late August...
  • Do we have any other options as we really don’t want to lose this property? 
    Buy lottery tickets....seriously just try and reconnect the chain, let the vendors know whats happened but your still keen to buy.  How far along in the buying process are you?
    We were just about to get a moving date! We started the process late August...
    You mean you have completed surveys, got your mortgage secured, your buyers have their mortgage in place, completed their surveys and your about to exchange contracts with completion dates - when your buyers buyers have stop talking?

    No point in trying to get credit for a house that you have no guaranteed way to pay for it, if you some how managed to get a bridging loan your current mortgage lender will need to be informed and they would probably pull the offer.  

    I would keep on at your estate agent on a daily basis to put pressure on your buyers.
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