We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Bridging Loans

camronwilson
Posts: 4 Newbie

in 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
0
Comments
-
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 controlI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
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.0 -
Do we have any other options as we really don’t want to lose this property?0
-
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.
0 -
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?0
-
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!0 -
camronwilson said:Do we have any other options as we really don’t want to lose this property?0
-
Brock_and_Roll said: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!0 -
foxy-stoat said:camronwilson said:Do we have any other options as we really don’t want to lose this property?0
-
camronwilson said:foxy-stoat said:camronwilson said:Do we have any other options as we really don’t want to lose this property?
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.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards