Bridging Loans - Property Purchase

[vetran]

Anyway, I have the highest offer in right now, but having seen it earlier, done up it would be worth 1M, it's up for half of that, so I reckon it will be picked up by a developer with deeper pockets than me.

AtW is looking for a new delivery address for his sofa, he might outbid you!

[MarillionFan]

Wow, they've accepted the offer (though they're asking if someone else who also put in an offer wants to increase theirs).

But they want a 14 day exchange? That seems pretty excessive.

Need to check those deeds.

[AtW]

Need to check those deeds.

Check the new patio ...

[centurian]

9% very reasonable for bridging loans, but watch out for hidden fees - arrangement/exit etc.

Also, you are pretty much locked in for 6 months - most finance shops won't let you remortgage until you have owned the property for 6 months - a few might make exceptions for bridging finance, but it's mostly a no-no.

[AtW]

9% very reasonable for bridging loans, but watch out for hidden fees - arrangement/exit etc.

Also, you are pretty much locked in for 6 months - most finance shops won't let you remortgage until you have owned the property for 6 months - a few might make exceptions for bridging finance, but it's mostly a no-no.

Looks like MF might need bridging loan for a bridging loan

[MarillionFan]

Looks like MF might need bridging loan for a bridging loan

Still shocked at the acceptance. But I still reckon they will keep taking offers over the week.

I turned up with the builders who did my house build a few years back. They did an instant survey and gave me a rough quote there and then. Even they said there's no way you'll get it for that price!

Que sera sera.

[DimPrawn]

I had about 100k equity in house 1 and a .99% mortgage from HSBC, took out a second 80k mortgage on house 1 at about 1.2% to pay for house 2 deposit, house 2 mortgage with Northern Rock for the remainder. lot cheaper than a bridging loan. Fixed up house 2, moved in, sold house 1 and paid off the 2 HSBC mortgages.

There's the key point.

Northern Crock, beloved banking love child of New Labour. "How many interest only 125% LTV mortgages does sir require? 20x joint income okay? That's all done, no paperwork or proof of income required."

[CoolCat]

Only time I have needed something similar was for a car not a house. All my savings were in long notice accounts and I couldn't get at them quickly. Just walked in the bank and showed them evidence I had the money and would commence withdrawal procedures and they just gave me a silly money overdraught limit. Didn't cost that much at the end of the day I seem to remember.

[MarillionFan]

Only time I have needed something similar was for a car not a house. All my savings were in long notice accounts and I couldn't get at them quickly. Just walked in the bank and showed them evidence I had the money and would commence withdrawal procedures and they just gave me a silly money overdraught limit. Didn't cost that much at the end of the day I seem to remember.

Yes that's known as a unsecured loan or overdraft and for a small amount is quite easy.

Well technically as long as I can pay it back, then I suppose it's up to me if I think the ridiculous interest rate is worth it.

Still reckon it'll go silly money by the end of the week.

[CoolCat]

Yes that's known as a unsecured loan or overdraft and for a small amount is quite easy.

Well technically as long as I can pay it back, then I suppose it's up to me if I think the ridiculous interest rate is worth it.

Still reckon it'll go silly money by the end of the week.

naw it was buttons and they didn't start charging for transactions either, don't know why but didn't question it