Can you combine Mortgages + Bridging Loan?

Adezoo

For example, for people trying to get a house, would it be possible to get a mortgage at the same time a bridging loan to gap the difference. Live in the house for a bit then remortgage the whole? 

user1977

In reality no, as the mortgage lender would need to be happy with any other borrowing you have, and they invariably expect the equity to be coming from your own funds rather than a loan of any sort.

K_S

Adezoo said:

For example, for people trying to get a house, would it be possible to get a mortgage at the same time a bridging loan to gap the difference. Live in the house for a bit then remortgage the whole? 

@adezoo Not in the way you've described.

There are a couple of mainstream lenders who are ok (subject to meeting criteria) with the deposit being part-borrowed (formal loan from a financial institution or an informal one from friends/family or even one from friends/family that will be secured on the property) as long as the costs of servicing it are factored in to affordability. 

Adezoo

K_S said:

Adezoo said:

For example, for people trying to get a house, would it be possible to get a mortgage at the same time a bridging loan to gap the difference. Live in the house for a bit then remortgage the whole? 

@adezoo Not in the way you've described.

There are a couple of mainstream lenders who are ok (subject to meeting criteria) with the deposit being part-borrowed (formal loan from a financial institution or an informal one from friends/family or even one from friends/family that will be secured on the property) as long as the costs of servicing it are factored in to affordability. 

Thanks for taking the time to answer. I know there might be lenders that are okay with that although I am thinking about if remortgaging would be easy later on 😖

I am really considering this house and would be gutted to lose it. I would rather ask and see that I’ve got no options at all 

Adezoo

user1977 said:

In reality no, as the mortgage lender would need to be happy with any other borrowing you have, and they invariably expect the equity to be coming from your own funds rather than a loan of any sort.

Thanks for taking the time to answer 😀 And yes I would understand that. But would that still be a problem if you still got some of the money? 

housebuyer143

I looked into this and its not really a thing they accept. Its like a secured loan for a deposit. People tend to fully fund the purchase with a bridging loan and remortgage ASAP to clear it.  Then you can only go with a lender who accepts day one remortgages, which is not all of them.

Any way you can fund it with a larger loan and sell later? Taking into account the extra 3-4% stamp duty?