ANyone took out a bridging loan for property buying purchases ?

weve seen a house we like, and our old house the buyer has now been turned down mortgage, but we don’t want to miss out on the one we like

any one used a company they recommend?

Depends where you are of course but a bridging loan in the current market would be quite a risk imho

Maybe I’ll explain more

We live in a house That’s fine

We are selling a second house we used to rent out. It will sell. We e seen another second house (holiday home) we want to buy

I’d suggest you speak to your Bank and either extend (or take out) a mortgage on your primary property, a revolving credit one if poss, and use that to purchase the new property. Bridging loans are v expensive and also quite hard to get sometimes.

Existing lender doesn’t do short term borrowing. Tied into 3 year fixed

You might find, if the interest rates offered are low and the overpayment options are good that this is cheapest way to do it, i’ve used that route before and invested the balance in a few short term bonds etc and managed it that way.

If you can get a mortgage on the second home, get an offset mortgage or similar. It’s what I did when I bought a house that my dad could move in to before we cleared and sold his, with santander we were able to then run the mortgage at zero balance, but keep the mortgage open in case of care costs cropping up.

Back in the day bridging loans were a pretty bad idea – I see no reason why that should have changed.

Briefly looked into this a few years back, bridging loans were *insanely* expensive.

Briefly looked into this a few years back, bridging loans were *insanely* expensive.

This.

A mortgage broker can recommend a good bridge loan firm. Email me if you would like the details of mine.

They could also suggest other ways of financing the purchase like a 2nd charge on your current residential or rental property or a new mortgage with no tie in period which maybe cheaper then the 12% plus fees they charge.

Good luck.

Try this firm:

Home

No connection to me but have heard of them offering very competitive solutions.