Bridge loan & personal loan

Allboxes Forumite Posts: 14
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I wanted to enquire avoid about the potential of getting onto the property ladder. I’m an homeowner but not looking to take equity out of my property. 

Im looking to take out a small loan like 35k roughly to clear most debt and then get a bridge loan for the rest for 12 months to jump start on the ladder immediately. Can this be done ? 


  • ACG
    ACG Forumite Posts: 23,235
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont understand the question.
    You want to get onto the property ladder but you already own a home? 
    Where is the deposit coming from? The bridging loan will only go up to around 70% LTV - they may go higher is they can also take a charge over your home. 
    I dont understand where the £35k comes in?

    On a side note, I am assuming you are talking about getting into property development? Just be careful with that and a bridging loan at the moment. I bought a house in 2006 to do up and sell on. 2 weeks before I was about to put the house back on the market the market disappeared. I was stuck with a house and became a landlord for 2 years which was not great. With a bridging loan you would not have had the opportunity to do that as they would have wanted their money back. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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