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Original poster

Bridging Loans - Advice please

18 replies

CHOCOLATEPEANUT · 25/07/2006 20:04

We have a house to sell (been on market 2 lonnnnnnnnnnnng weeks)Its on at 100k we owe 50k

Seen dream house which is also a bargain in a fab area.Its on at 135k and I know its going to go fast..

Was telling somebody at work today and they said what about a bridging loan but TBH I dont know much about them and just figure that we would not be able to raise the cash and afford payments

Any experience of them anyone?
Thanks

OP posts:
SecurMummy · 25/07/2006 20:08

No experience as such, but working for a mortgage adviser - avoid it at all costs unless you know exactly how long it will be for.

They are useful if you are awaiting actual money hand over but you know it is coming etc etc.

If it is possible it will go on for more than a few weks it can become horrendousy expensive.

IMO go to a good mortgage adviser who rsearches all mortgages and ask their advise.

HTH

SecurMummy · 25/07/2006 20:09

clearly I am better at mortgages than spelling or typing!

Original poster
CHOCOLATEPEANUT · 25/07/2006 20:13

Thanks

I am not the most patient of people and its been made worse by seeing house of dreams

OP posts:
Orinoco · 25/07/2006 20:43

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Original poster
CHOCOLATEPEANUT · 25/07/2006 20:46

Dont want to rent dont need hassle

I will check out website

Thanks for that

I know its lunacy but that dream house is calling me.....

OP posts:
Orinoco · 25/07/2006 20:49

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Original poster
CHOCOLATEPEANUT · 25/07/2006 20:57

LOL

Husband has not seen dream house but he just goes along with everything I say

Just imagined him coming in tonight and me saying 'ive just got a bridging loan and we have bought the house.Pack your bags we are moving next week' PMSL

Monthly payments for interest only on 185000,that is o/s mortgage and new buy look affordable but its whether we could raise that on a combined salary of 45k (i only work part time )

OP posts:
Orinoco · 25/07/2006 21:00

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Orinoco · 25/07/2006 21:03

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Original poster
CHOCOLATEPEANUT · 25/07/2006 21:04

I bloody LOVE this thread

I am sat here working my way through a tub of M&S chocolate crispie mini bites that I bought for work....

Well good intentions eh

OP posts:
Original poster
CHOCOLATEPEANUT · 25/07/2006 21:05

Feel quite sick actualy

OP posts:
Original poster
CHOCOLATEPEANUT · 25/07/2006 21:05

one child no debt

OP posts:
Orinoco · 25/07/2006 21:09

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Orinoco · 25/07/2006 21:10

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Original poster
CHOCOLATEPEANUT · 25/07/2006 21:11

helps BIGtime

dd godfather is one!!

Im on it

will keep you posted

OP posts:
Original poster
CHOCOLATEPEANUT · 25/07/2006 21:13

Ate them all

but spect I will be seeing them soon....

OP posts:
Orinoco · 25/07/2006 21:13

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Orinoco · 25/07/2006 21:14

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