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  • FIRST POST
    • Gypsysmum
    • By Gypsysmum 8th Apr 19, 5:09 PM
    • 20Posts
    • 7Thanks
    Gypsysmum
    Bridging Loans
    • #1
    • 8th Apr 19, 5:09 PM
    Bridging Loans 8th Apr 19 at 5:09 PM
    Are they still available?
    We are hoping to build on a plot in our garden. We would have to sell the house, though, and live in our caravan unless the bank would give us a bridging loan to cover the cost of the build.
Page 1
    • DCFC79
    • By DCFC79 8th Apr 19, 5:19 PM
    • 34,024 Posts
    • 21,471 Thanks
    DCFC79
    • #2
    • 8th Apr 19, 5:19 PM
    • #2
    • 8th Apr 19, 5:19 PM
    Are they still available?
    We are hoping to build on a plot in our garden. We would have to sell the house, though, and live in our caravan unless the bank would give us a bridging loan to cover the cost of the build.
    Originally posted by Gypsysmum

    Have you got planning permission ?


    You checked Google, money.co.uk has some options.
    • CakeCrusader
    • By CakeCrusader 8th Apr 19, 5:43 PM
    • 773 Posts
    • 451 Thanks
    CakeCrusader
    • #3
    • 8th Apr 19, 5:43 PM
    • #3
    • 8th Apr 19, 5:43 PM
    Bridging loans are just for short term things (like to 'bridge' a gap between a house purchase and a mortgage being approved, and by short term I mean days to weeks). The interest rates are eye watering, and there's high fees on top, so it's probably really unwise to use them for a build because of the massive interest rates.
    • Exodi
    • By Exodi 9th Apr 19, 11:23 AM
    • 484 Posts
    • 593 Thanks
    Exodi
    • #4
    • 9th Apr 19, 11:23 AM
    • #4
    • 9th Apr 19, 11:23 AM
    Oh I dont even know what is it) cause I never will take a credit
    Originally posted by Gilermo
    You levitate above us all, basking us in your perfection.

    What an utterly stupid thing to post. Genuinely, what was the point of making a post like this except for shameless gloating? Would you like everyone to reply "good job", "wow you're so clever!", "I really aspire to be like you one day"?

    Surprisingly enough, a forum based on being money savvy is populated by a lot of people that don't need to use credit

    @OP what sum do you expect to need to borrow? Why can't you take out a regular loan?
    Last edited by Exodi; 09-04-2019 at 11:32 AM.
    Know what you don't
    • zx81
    • By zx81 9th Apr 19, 11:24 AM
    • 21,722 Posts
    • 23,637 Thanks
    zx81
    • #5
    • 9th Apr 19, 11:24 AM
    • #5
    • 9th Apr 19, 11:24 AM
    Genuinely, what was the point of making a post like this except for shameless gloating?
    Originally posted by Exodi
    Post building. Similar content-free posts all over the site.
    • Exodi
    • By Exodi 9th Apr 19, 11:30 AM
    • 484 Posts
    • 593 Thanks
    Exodi
    • #6
    • 9th Apr 19, 11:30 AM
    • #6
    • 9th Apr 19, 11:30 AM
    Post building. Similar content-free posts all over the site.
    Originally posted by zx81
    Ohhhh I see. Ironically their second to last post mentions the credit and loans they've taken out - so much for never.

    Sometimes it can be difficult to be polite on this forum!
    Know what you don't
    • Gypsysmum
    • By Gypsysmum 15th Apr 19, 6:39 AM
    • 20 Posts
    • 7 Thanks
    Gypsysmum
    • #7
    • 15th Apr 19, 6:39 AM
    • #7
    • 15th Apr 19, 6:39 AM
    Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.

    To answer a couple of the questions though for future reference
    Yes we do have planning permission.
    I suppose we could get an ordinary loan.
    • MEM62
    • By MEM62 15th Apr 19, 10:15 AM
    • 2,267 Posts
    • 1,916 Thanks
    MEM62
    • #8
    • 15th Apr 19, 10:15 AM
    • #8
    • 15th Apr 19, 10:15 AM
    Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.

    To answer a couple of the questions though for future reference
    Yes we do have planning permission.
    I suppose we could get an ordinary loan.
    Originally posted by Gypsysmum

    It does help if you look for the right product - what you are looking for is a self-build mortgage, not a bridging loan. There will, of course, be different conditions attached compared to a conventional mortgage and the money is released in stages as the build progresses.
    • Clive Woody
    • By Clive Woody 15th Apr 19, 10:59 AM
    • 4,667 Posts
    • 5,264 Thanks
    Clive Woody
    • #9
    • 15th Apr 19, 10:59 AM
    • #9
    • 15th Apr 19, 10:59 AM
    Turns out we may have enough to get the build up to water tight. Then we can sell our house and put the furniture somewhere safe in the new build.

    To answer a couple of the questions though for future reference
    Yes we do have planning permission.
    I suppose we could get an ordinary loan.
    Originally posted by Gypsysmum
    Could you not just mortgage your current property to raise the funds for the new build?
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
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