Bridging loans for house purchase- Any experience?

[carreauchompeur]

Morning all.

Myself and OH have started looking for a new house. Currently have our eye on a few, however one of the potential favourites needs significant work. Most of it is doable over time, however I think a complete rewire and replumb/heating system needs to happen before we move in...

...Therefore, how expensive/scary is a bridging loan? Probably looking at around £300k for maximum of a month.

[davidjpowell]

I'm betting that if they are available still very expensive is the answer. What happens if your sale does not complete in time (or at all) or works take longer than expected.

I'd consider all other options at first including renting a mates spare bedroom for a month, or a short term rental (though will be hard to find).

[B17NNS]

As above, got to be cheaper to rent somewhere for a month while the required work is done.

[Aeroresh]

Probably be able to afford to stay in quite a swanky hotel for a month for the price of a 300k bridging loan these days unfortunately

[carreauchompeur]

Noted, ta. Will probably look to do a bit better planning then, it was more a case of being able to stay in situ for a couple of weeks (Thus avoiding hassle of moving x2)... I do have a flat that would suffice but then the mountain of stuff to move is a pain.

[B17NNS]

carreauchompeur said:

I do have a flat that would suffice but then the mountain of stuff to move is a pain.

Removal company can handle the lot (at a cost), collect, store and deliver.

[carreauchompeur]

B17NNS said:

carreauchompeur said:

I do have a flat that would suffice but then the mountain of stuff to move is a pain.

Removal company can handle the lot (at a cost), collect, store and deliver.

Could be a useful last resort

[davidjpowell]

Long time ago, well 5/6 years ago I'm pretty sure a man and van service charged me something like £150 for a mornings work to cart my stuff off to a secure lock up in Weston Super Mare (in that instance a container (which was watertight)).

It was well worth it and reduced the hassle considerably. Proper removal company wanted a lot more of course.

[carreauchompeur]

davidjpowell said:

Long time ago, well 5/6 years ago I'm pretty sure a man and van service charged me something like £150 for a mornings work to cart my stuff off to a secure lock up in Weston Super Mare (in that instance a container (which was watertight)).

It was well worth it and reduced the hassle considerably. Proper removal company wanted a lot more of course.

Thanks, might well go down the man and van route. Well, men and van... I don't have anything particularly valuable to warrant insurance in transit and the prices for proper companies look humungous...