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Bridging Loan vs Mortgage
BUTTONS1310
Posts: 1 Newbie
Hello
My partner and I are looking to purchase another property. We have joint assets of £1,000,000, but have yet to sell. We wish to secure a new property (£680,000 ) and wish to borrow £200,000 (have remaining money in savings). Can you please advise best way forward - bridging loan or mortage, and the approx fees over 6-12 month period.
Thank you
My partner and I are looking to purchase another property. We have joint assets of £1,000,000, but have yet to sell. We wish to secure a new property (£680,000 ) and wish to borrow £200,000 (have remaining money in savings). Can you please advise best way forward - bridging loan or mortage, and the approx fees over 6-12 month period.
Thank you
0
Comments
-
Speak to an independent mortgage broker and find out
* interest rate you can get
* whether tied in for a period - how long?
* early redemption fees
* other set-up or redemption fees
Then look around at availble loans and similar.
Without knowing your circumstances no one can answer you question. You'll have to do the maths!
1 -
Bridging loans tend to be much more expensive. If you can get a mortgage, then do so.No reliance should be placed on the above! Absolutely none, do you hear?2
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