How much money will I lose with a bridging loan?
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mose
Apprentice
Joined: 24 Oct 2004
Posts: 7
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 Posted: 04/30/09 - 04:50 Post subject: |
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| I have recently started thinking about buying a property. However, even though I have found a house I want to buy, I still have not sold my old one. Since I expect that to happen relatively soon, but do not want to lose this new house, I was considering getting a bridge loan. I am not sure how much money I will lose, though. If anyone could tell me, that would be great. Thanks in advance. |
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franz385
Apprentice
Joined: 21 Apr 2006
Posts: 4
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| Posted: 05/29/09 - 21:37 Post subject: |
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| When you want to buy the house, but currently do not have enough money and expect to get it soon buy selling your current house, usually the only way to solve the situation is to take the bridging loan. However, that does not come cheap. The amount of money is significant, of course, but lasts a lot less than standard mortgage, for several years only, and has very high interest rates, around 15%. Of course, the amount of money you will lose on that can effectively be covered by the sale of the house, but you still still be short at the end of the day. However, if that is your only chance to buy the house you like, there is nothing you can do but take the loan. |
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