ChatterBank2 mins ago
What chance do I have of securing the money for a property ?
Hi all what are the chances of securing a loan for a property before I have sold my current house? If I do not get in soon I will miss out on the property I am looking at but obviously need to sell my own house to raise the required capital. Anyone know of a way around this or am I just dreaming?
Thanks in advance.
Thanks in advance.
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Well they end up massively expensive because you are basically financing two houses at once.
Bridging loans should be available at roughly the same rate as any other mortgage - so around 4-5% perhaps.
However the killer is that you ly shouldn't entertain this unless you have exchanged on your sale, and the only problem you wish to solve is bridging the gap between two different completion dates - your purchase occurring prior to your sale.
Otherwise you may well get stuffed for months on end paying 2 mortgages.
Bridging loans should be available at roughly the same rate as any other mortgage - so around 4-5% perhaps.
However the killer is that you ly shouldn't entertain this unless you have exchanged on your sale, and the only problem you wish to solve is bridging the gap between two different completion dates - your purchase occurring prior to your sale.
Otherwise you may well get stuffed for months on end paying 2 mortgages.
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