Bridgeing Loans???
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Can someone please tell me how Bridging loans (uk) work?
we have a house that we need to sell but have found the perfect property would a bridging loan be able to help, and how much do they cost?
thanks
Bridgeing Loans???Essentially it's a time limited, high cost, Mortgage 'extension' on your old house whilst you sell it.
For example you might be able to get 2 months for 2% of the sum borrowed .. so if the outstanding OLD Mortage is (say) 拢200,000, the Bridging Loan will cost you 拢4,000.
Bridgeing Loans???Don't bother, they are VERY expensive
Bridgeing Loans???it may sound like a good idea but it will cost you a lot extra a month and if it is from a company other than Bank or Building society you will be paying through the nose for years ..ask your bank the ways around this....i for instance put my mortgage on interest only for a couple of years for financial reasons and then back to repayment mortgage later...
Bridgeing Loans???I think once you have a mortgage offer you can then ask the lender for a 'bridging loan' to pay the deposit on the property. I guess the interest might be high but it's something you'll need to find out from your mortgage lender. If you're looking for a mortgage I can highly recommend using moneysupermarket http://www.moneysupermarket.com/mortgage...
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