Discussion
Do these still exist any more? just though I'd ask before phoning up the bank 
Mrs Griff has found our dream family home to buy, however, the seller is refusing our offer because the length of our chain is 5 people! and this could mean potential for delays and hassle for them.... so I'm investigating all options available.
The new property is c.£500k so I'd need a load for that and our deposit once our place is sold 60% of that
Mrs Griff has found our dream family home to buy, however, the seller is refusing our offer because the length of our chain is 5 people! and this could mean potential for delays and hassle for them.... so I'm investigating all options available.
The new property is c.£500k so I'd need a load for that and our deposit once our place is sold 60% of that
any pointers in terms of lenders? or if its something you could help out with I'll pm youWarwickGriff said:
Cheers Tonker so how would that work with these example figures? Current house sale £330k with existing mortgage of £80k, so £250k deposit for the new place at £500k, enough spare cash to cover buying/selling/stamp duty etc.
As Tonker has laid out, this is entirely feasible for you to do without the need of an extortionately expensive Bridging loan meaning you can essentially make your offer on the basis of you being 'chain free'.Product selection will be key as you won't want any ERC's on your BTL property once you've sold it etc.
Drop me a PM if you need some help
We just looked into this, horrendously expensive, not so much the monthly cost but the set up fees.
For example, I need to borrow £310,000
The way they priced it, was:
£310,000
+ Pay off existing mortgage £ ?
+46,000 so I can pay the payments for 12 months
+ add the fees to the loan
It worked out they were wanting to lend me about £150,000 more than I wanted.
The monthly cost was about £4000, which is about where I thought (0.95%)
but the fees were about:
£8000 set up
£1000 legal
£750 valuations
Honestly it went on.
It worked out if I only wanted it for a month, it would cost me £14000
The truth is I might not need it, but need the promise of it so I can exchange while the others catch up
So if anyone out there needs very short term investment, pm me !!
For example, I need to borrow £310,000
The way they priced it, was:
£310,000
+ Pay off existing mortgage £ ?
+46,000 so I can pay the payments for 12 months
+ add the fees to the loan
It worked out they were wanting to lend me about £150,000 more than I wanted.
The monthly cost was about £4000, which is about where I thought (0.95%)
but the fees were about:
£8000 set up
£1000 legal
£750 valuations
Honestly it went on.
It worked out if I only wanted it for a month, it would cost me £14000
The truth is I might not need it, but need the promise of it so I can exchange while the others catch up
So if anyone out there needs very short term investment, pm me !!
Gassing Station | Finance | Top of Page | What's New | My Stuff