Taking out a Bridging Loan

I'd take professional advice.

I think you'll find that a bridging loan will normally only be available from the bank with whom you have your current account - it's not just a case of walking into any high street bank and hoping to get one. That said, if you do get one, it will be at whatever interest rate your bank sets (often based on your 'credit rating' with them, i.e. how you've managed your finances in general, your income and assets etc.), so the shopping around option could be limited to say the least and you will most likely (wherever you bank) have to pay arrangement fees as well.

Another option you may not have considered is a personal loan (as opposed to a bridging loan) where you could find one with an APR of something in the region of 6.2%. If you did consider this option, (and borrowed say £10,000 for term of, again say, 3 years) you'd just want to check that there'd be no penalty in the event of your early repayment.

As I say, take advice.

 

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He looks a nasty piece of work Clare. Wouldn't want to meet up with him!

 

Yes I thought of a personal loan but you cannot borrow any more than £15,000.unfortunately not even the cottages in Wales are that cheap!!

Val

 

Do you own your current house or still have a mortgage
If you own it, then just buy the new property on a mortgage, which will be cheaper than a bridging loan and rent out your original property until sold

Jack McH

 

Yes I own my house, not sure they would give a mortgage to someone my age and I think the minimum lending period for a mortgage is something like 5 years, I only want the loan short term. I would also like this transaction to be simple if that is possible!!
I think I will hitch up a caravan to my car and become a traveller!!!!

Val

 

You could do a bit of building work too on the side Val

 

You could do tarmacadaming with menaces.