Bridging Loans - Property Purchase

[WTFH]

My offer for flat was also accepted 5 years ago ...

And why not accept it in England where vendor can pull out at any time, so that they can advertise property in hope to find higher bidder for a few months after they accepted offer?

Fair point. I tend to make offers based on the property being taken off the market if my offer is accepted.




BTW, if I can find where this property is, would it be childish of me to put in a cash offer of £175k, not because I need a new house, or want one, but just because I can, without any need to get a bridging loan?

[MarillionFan]

So it's not quite advice you're after then, since you'd already agreed the loan.

No. I have it in principal. Because I could get gazumped, I don't want to get the cash too quickly in case I then land up with a loan which I have to pay ridiculous interest on which I cannot pay off early and then cannot use.

So I was wondering if I have to get it in principal and then wait for exchange, or I'd need it before then. I'm not sure.

PersonallY I'd rather not use a bridging loan at all.

[WTFH]

No. I have it in principal. Because I could get gazumped, I don't want to get the cash too quickly in case I then land up with a loan which I have to pay ridiculous interest on which I cannot pay off early and then cannot use.

So I was wondering if I have to get it in principal and then wait for exchange, or I'd need it before then. I'm not sure.

PersonallY I'd rather not use a bridging loan at all.

Get a flexible one that you can pay off early.


Speculate to accumulate, dear child. All you need is a good credit history.

[AtW]

BTW, if I can find where this property is, would it be childish of me to put in a cash offer of £175k, not because I need a new house, or want one, but just because I can, without any need to get a bridging loan?

You mean for my flat? They are trying to sell it for £275k now, and putting pressure on me saying that they sold next door flat in 1 day.

I am tempted to tell them to fook off as a matter of principle.

[WTFH]

I wouldn't buy your flat - those stains will never come out of the carpet, no I'm talking about Francis Urquhart's pad.

[MarillionFan]

Get a flexible one that you can pay off early.


Speculate to accumulate, dear child. All you need is a good credit history.

Just checked with broker. I was wrong, it is flexible and can be paid off early. Phew.

[AtW]

Just checked with broker. I was wrong, it is flexible and can be paid off early. Phew.

Yes, it's super flexible - can be paid at any time... with an early repayment fee

[MrMarkyMark]

Maybe, when I get older, I too can be a "millionaire"

[vetran]

Maybe, when I get older, I too can be a "millionaire"

why stop there?

Zimbabwe offers new exchange rate: $1 for 35,000,000,000,000,000 old dollars | World news | The Guardian

Zimbabweans will start exchanging “quadrillions” of local dollars for a few US dollars next week as President Robert Mugabe’s government discards its virtually worthless national currency.

10 Places Where Everyone Can Be A Millionaire! - Business Pundit

[MrMarkyMark]

why stop there?

Guess I'm just limited by my own lowly ambitions.

They used to say as much at school