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Bridging loan - Should I?
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miriamy
Posts: 1 Newbie
Our buyer is dragging her feet and we need to move by end of April 2025 to our new place. We don't have a mortgage and no issues with the house as all the certificates and inspections are complete.
We're thinking about a £180,000 bridging loan for upto 6 months until the house sells or we get another buyer.
Any thoughts and advice is welcome, especially regards safe loan companies. Thanks
We're thinking about a £180,000 bridging loan for upto 6 months until the house sells or we get another buyer.
Any thoughts and advice is welcome, especially regards safe loan companies. Thanks
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Comments
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Have you investigated the potential cost?0
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You might find that an interest only mortgage with a short fixed term (e.g. 12 months) could work out cheaper than a bridging loan. Also much less risk if things don't progress as fast as you expect.0
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Bridging loans are very expensive, can be as much as 2% a month. Speak to your bank about remortgaging as above, use that for the purchase, pay off as soon as the fix ends. You will likely pay extra stamp duty on the new house but can claim it back within 3 years.0
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Any thoughts and advice is welcome, especially regards safe loan companies.
As you would be the borrower, what matters is are you safe? not the ones lending the money .
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How much is the old house worth? Can you get a BTL mortgage on the old house? Bridging loan will be very expensive for an uncertain period.. think 12-24% a year. So in 6 months you could pay £10-20k, and counting.miriamy said:Our buyer is dragging her feet and we need to move by end of April 2025 to our new place. We don't have a mortgage and no issues with the house as all the certificates and inspections are complete.
We're thinking about a £180,000 bridging loan for upto 6 months until the house sells or we get another buyer.
Any thoughts and advice is welcome, especially regards safe loan companies. Thanks0
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