Property News · September 19, 2012

Is a bridging loan suitable for a long delayed house purchase?


Q I want to move house into something that costs a lot less than the value of our current home. In theory it should be simple, but it’s not. I don’t want to move until after my son has completed his A-levels in June 2013, but the house we want to buy is on the market now. I would like to exchange now with a long delay before completion.As all my money is tied up in our current house how do I go about putting the 10% down for the deposit? I don’t want to remortgage as I have an incredible interest rate. What about a bridging loan? Or, and I’m loathe to do this, will I have to resort to borrowing from relatives? CB Continue reading…

Source : theguardian.com
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