Bridging Loans
Discussion
Looking at a property in our dream location, with the intention to knock down and rebuild in the future - this is a plot the likes of probably won't come up again in our lifetime in our area. Currently our place is unencumbered so I'm looking at a 1st charge bridging loan in order to make our offer proceedable before we've sold our house. Unfortunately, from what I'm told I'm unlikely to be able to get a mortgage due to my income not being stable (currently running a start-up but the rest of my income comes from property and investments). Anything to look our for when it comes to this type of finance please?
As it's for a house you'll live in at some point, it sounds like that'll be a regulated bridge. Unless you can prove to a lender how you'll repay the loan, you are unlikely to get one and that probably means committing to selling your property in the short-medium term rather than some future date TBD.
Otherwise, you could look at commercial bridging (which will fund pretty much anything) but it'll be a lower LTV and higher interest rate.
Otherwise, you could look at commercial bridging (which will fund pretty much anything) but it'll be a lower LTV and higher interest rate.
dazmanultra said:
Looking at a property in our dream location, with the intention to knock down and rebuild in the future - this is a plot the likes of probably won't come up again in our lifetime in our area. Currently our place is unencumbered so I'm looking at a 1st charge bridging loan in order to make our offer proceedable before we've sold our house. Unfortunately, from what I'm told I'm unlikely to be able to get a mortgage due to my income not being stable (currently running a start-up but the rest of my income comes from property and investments). Anything to look our for when it comes to this type of finance please?
PM sentGassing Station | Finance | Top of Page | What's New | My Stuff