Mortgage/Equity Release/Bridging Loan
I am in the process of purchasing a new property. The purchase will be completed before I sell my current property, had to do so to secure the property. Before I move into the new property, some alterations need to be carried out. Looking to secure £100.000 of funding for alterations. Life used to be simple regarding getting funding not sure what options are available/best at this time. New property £310,000, current property £400,000 – both properties owned outright.
2. Bridging loan
3. Equity release
4. Other ?
Any option needs to be interest only for 2-3 years, time needed to cover getting work done and current house sold.
Any guidance would be appreciated.
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