house purchase/chain/bridging loan

LisaPeters

I am at the bottom of a long chain of house purchases, my buyers  recently pulled out but I found new buyers within a week. Due to various delays the chain is now in a critical state waiting on my house sale to complete. Any suggestions how I could move onto my new property without finalising the sale of my current property? There may be gap of a couple of weeks. Are bridging loans a bad idea? My parents have offered to pay the deposit on the new house but then I would have to go through the whole application process again and pay stamp duty on second property approx. £15,000 and early repayment fee of £1500.

Thanks

K_S

@lisapeters Whether you use a bridging loan or not, if you purchase the new house while the old one remains unsold, the stamp duty surcharge will still apply.

If it's only a couple of weeks delay, can't the chain wait? These things do happen.

A bridging loan is indeed an option and plenty of people use it to break chains, though it is an expensive form of finance when you take into account fees and interest so you should only consider it if necessary.