Mortgage query

Fleetpete_2

I have found a property that I wish to buy,but my property remains unsold so to avoid losing the house I want, I would like to borrow the value of my property and then repay the difference when my property is sold.
I'm sure this is not an unusual situation, but are there any pitfalls to be careful of i.e. redemption fees etc.

Joe_Bloggs

Get a redemption quote. You may discover the customer loyalty department of you existing lender who may make you a deal. It sounds like you need a bridging loan. Why do you think nobody wants to buy your home ?
J_B. (Not a financial advisor).

Fleetpete_2

Actually the property i'm selling is a leasehold business with living accomodation,so it's a little more difficult to sell in some ways,

Fleetpete_2

A bridging loan is basically what I am describing, but to me that phrase always brings on cold sweats with the thought of horrendously high interest.