Buying house with bridging loan and conventional mortgage.

useabridgr

House 1 is owned outright. 

House 2 - a prospective purchase - is more expensive, but savings and a small mortgage (well within affordability) will cover the difference. 

For health reasons, a normal simultaneous transaction - ie as part of a chain - will be difficult to impossible. 

A family member will offer a bridging loan matching the value of house 1. The additional 3% stamp duty can be temporarily covered from savings. 

Will lenders offer the mortgage on house two if the majority of the rest of the funds come from a family bridging loan (with no security taken and a clear exit plan - sale of house 1 - in place)? If not, are there other options? If so, will it limit the products and lenders available? 

Thanks. 

Snookie12cat

What do you mean a family member will offer a bridging loan? Do you mean they will give you the money until house two is sold?

If so, that is a gifted deposit and is perfectly viable. Lenders do not normally allow actual bridging loans in conjunction with the mortgage. 

Alternatively can you increase your borrowing, buy with mortgage and then pay lots of mortgage off when you sell?