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.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Bridging Loan Advice (or another solution!)

Sherbertfizz
Posts: 18 Forumite

in Loans
Hello Hive Mind
My partner and I are buying a mixed use property (75% res 25% comm) for £940k. Can't get access to £348k of the full amount we need until 12 Jan 2022 (£263k in a 120 day notice account, £85k in a 90 day notice account available on 13 Dec 2021 and the bank won't budge on earlier release). We have promised the vendor that we will complete by the 30 November if possible and have looked at bridging finance. Will cost us over £11k based on illustrations we have received. So frustrating that we have the money but can't get at it (a salutary lesson in tying up funds) and it's going to cost so much for a 6 week bridge. Anyone have any better ideas?
Thank you in advance
Sandra
My partner and I are buying a mixed use property (75% res 25% comm) for £940k. Can't get access to £348k of the full amount we need until 12 Jan 2022 (£263k in a 120 day notice account, £85k in a 90 day notice account available on 13 Dec 2021 and the bank won't budge on earlier release). We have promised the vendor that we will complete by the 30 November if possible and have looked at bridging finance. Will cost us over £11k based on illustrations we have received. So frustrating that we have the money but can't get at it (a salutary lesson in tying up funds) and it's going to cost so much for a 6 week bridge. Anyone have any better ideas?
Thank you in advance
Sandra
0
Comments
-
Push completion back.
They won't get anyone to complete earlier.0 -
Sherbertfizz said:Hello Hive Mind
My partner and I are buying a mixed use property (75% res 25% comm) for £940k. Can't get access to £348k of the full amount we need until 12 Jan 2022 (£263k in a 120 day notice account, £85k in a 90 day notice account available on 13 Dec 2021 and the bank won't budge on earlier release). We have promised the vendor that we will complete by the 30 November if possible and have looked at bridging finance. Will cost us over £11k based on illustrations we have received. So frustrating that we have the money but can't get at it (a salutary lesson in tying up funds) and it's going to cost so much for a 6 week bridge. Anyone have any better ideas?
Thank you in advance
Sandra0 -
Grumpy_chap said:Sherbertfizz said:Hello Hive Mind
My partner and I are buying a mixed use property (75% res 25% comm) for £940k. Can't get access to £348k of the full amount we need until 12 Jan 2022 (£263k in a 120 day notice account, £85k in a 90 day notice account available on 13 Dec 2021 and the bank won't budge on earlier release). We have promised the vendor that we will complete by the 30 November if possible and have looked at bridging finance. Will cost us over £11k based on illustrations we have received. So frustrating that we have the money but can't get at it (a salutary lesson in tying up funds) and it's going to cost so much for a 6 week bridge. Anyone have any better ideas?
Thank you in advance
Sandra0 -
Sherbertfizz said:Grumpy_chap said:Sherbertfizz said:Hello Hive Mind
My partner and I are buying a mixed use property (75% res 25% comm) for £940k. Can't get access to £348k of the full amount we need until 12 Jan 2022 (£263k in a 120 day notice account, £85k in a 90 day notice account available on 13 Dec 2021 and the bank won't budge on earlier release). We have promised the vendor that we will complete by the 30 November if possible and have looked at bridging finance. Will cost us over £11k based on illustrations we have received. So frustrating that we have the money but can't get at it (a salutary lesson in tying up funds) and it's going to cost so much for a 6 week bridge. Anyone have any better ideas?
Thank you in advance
Sandra0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241K Work, Benefits & Business
- 617.4K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards