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Bridge financing

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  • Bridge financing

    Hi

    Finally we realised that our house was too expensive. We were using all our savings to buy it
    a few years ago for £280,000, but now we need a certain budget for financing an important
    business idea. Therefore we have to move house very soon (what we never did before).
    We've already found a lower priced house (£190,000), but we don't know
    how to arrange the bridge financing.

    We assume we will have to take out a short-term mortgage on our current house,
    then buy the new one, then sell the old one. (We guess our old house will sell quickly.)
    Where can we get that kind of short-term mortgage without losing too much money?
    Can someone recommend the best solution for this bridge financing? (low interest rate...)

    Furthermore we need to act immediately, because there is another interested party.

    We really need to make sure to spend only the absolute minimum of money for that
    transaction because we need as much as possible for starting our new business.

    Note: We have our current account with the Smile (= Co-operative) bank.

    Many thanks for any suggestions!

  • #2
    Re: Bridge financing

    Hi, as this was posted back in August, I was just wondering whether you managed to solve your issue about bridging finance or do you still require some advice?
    Ascot Mortgages
    www.ascotmortgages.co.uk

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    • #3
      Re: Bridge financing

      Originally posted by AscotMortgages View Post
      Hi, as this was posted back in August, I was just wondering whether you managed to solve your issue about bridging finance or do you still require some advice?
      We found out it would cost £17k (HIGH Early Repayment Charges!!!), so decided to sell the house first.
      Last edited by Movie; 16-10-2012, 11:30 AM.

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      • #4
        Re: Bridge financing

        I see! I hope everything works out for you
        Ascot Mortgages
        www.ascotmortgages.co.uk

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