Short term loan options 300k

[hypermark]

Hi, I'm looking for thoughts hopefully based on knowledge or experience. Long story short I need a 300k loan for 6 months to part finance a house purchase. Buyers buyer for our house has dropped out, in the meantime we found somewhere we really liked, had an offer accepted and started the purchasing process. Now our buyer is stuck as they have no buyer.....We dont want to lose the house we found so thinking maybe a short term loan might help. Bridging loans look expensive so are there cheaper alternatives? Short term mortgage? Any ideas? Thanks in advance.

[greygoose]

I would think a bridging loan was the most usual option, if I were you though I would also think about putting your property back on the market as your buyer can’t proceed at the moment.

[LooneyTunes]

greygoose said:

if I were you though I would also think about putting your property back on the market as your buyer can’t proceed at the moment.

Or lean on them a bit to see what, if anything, they’re willing to do to make their purchase go through.

[Mabbs9]

I've taken a big mortgage for similar. Made sure it was fully flexible for when the house sold. A bit easier on previous lower rates. Also a gamble that you'll eventually sell, but that applies to all methods.

Good luck.

[Fonzey]

I'm in the process of doing this via a Nationwide mortgage.

The rate is about 0.75 higher than their other products but still lower than a bridging loan (or was before the rate drop).

It's taking an age to get approved though :/

[Sarnie]

hypermark said:

Hi, I'm looking for thoughts hopefully based on knowledge or experience. Long story short I need a 300k loan for 6 months to part finance a house purchase. Buyers buyer for our house has dropped out, in the meantime we found somewhere we really liked, had an offer accepted and started the purchasing process. Now our buyer is stuck as they have no buyer.....We dont want to lose the house we found so thinking maybe a short term loan might help. Bridging loans look expensive so are there cheaper alternatives? Short term mortgage? Any ideas? Thanks in advance.

There are a number of ways to do this, depending on the numbers and circumstances at play. I can help with this if you want to drop me a line for a chat