Advice bridging loans - any positive experiences?

[Kate Parkin]

Hello

I just wondered if anyone has used a bridging loan to buy a property while waiting for their house to sell. We are selling a house, but our buyers pulled out near to completion. I am keen not to lose the house we were buying and wondered if a bridging loan might be the solution.

Can anyone recommend any bridging loan companies or perhaps a financial adviser or even any other ways of securing the house we want to buy? (If that's possible!)

Thanks for any advice you can give.

Cheers

Kate

[citylover]

Hello, when you go for bridging it's because you haven't got any other options! You just need to look at the terms, the interest rates (high) and how long you're going to need it for + have a watertight plan for repaying at the end of the term. You can use a FA but some of these loans you can do yourself and save a ?1,000+ that way. I would say study the terms and if you're confident you can pay the rate for that short term + the cost + know you can pay it off at the end of the term and cover their solicitors fees + you think its worth it to secure a property you really like then try it. They will look at your case and decide whether you are a low risk for them also.