Bridging finance (or equivalent)

[Kudos]

I need to clear existing mortgage on a BTL property to allow me to sort out freehold/leasehold (all legit, nothing dodgy) of a property I’d converted. Once that’s done (quick process) I’ll move to some standard BTL mortgage. I’m told 2-3 months end to end by my broker and solicitor.

Is bridging the best option or is there a different approach? Any recommendations on providers?

Broker tells me clearing existing mortgage, amending leasehold/freehold then completing new remortgage on same day isn’t an option.

Ballpark figures are mortgage of c£242k to be cleared, property value of roughly £700k.

[Caddyshack]

I did some mortgages where there was a lease extension and the new lender agreed to complete before the extension was completed as long as it had been started by the solicitor. The swap you are suggesting might just be a timing issue.

Bridging is really expensive so exhaust all other options such as secured loan or further advance on your own home etc.

[Kudos]

Caddyshack said:

I did some mortgages where there was a lease extension and the new lender agreed to complete before the extension was completed as long as it had been started by the solicitor. The swap you are suggesting might just be a timing issue.

Bridging is really expensive so exhaust all other options such as secured loan or further advance on your own home etc.

Thanks. Will go back to the solicitor and broker again. Solicitor felt she could do it but broker didn’t think any lenders would take it on.

Have been offered bridging. Including the minimum of 3 months interest they want, it’s going to cost me c£20k. I’d prefer to use that money to pay down the mortgage