Bridging Loan

WaltKowalski

Are banks still offering these?

I know they're very expensive, but I've a year left of the fixed term of my mortgage and was hoping to refinance.

Any point in trying or should I just wait for the year to be up?

kkelliher

I had asked AIB this question about a year ago and was told no.

chris85

WaltKowalski wrote: »

Are banks still offering these?

I know they're very expensive, but I've a year left of the fixed term of my mortgage and was hoping to refinance.

Any point in trying or should I just wait for the year to be up?

Are you selling the property? Bridging loans are provided based on a sale of the property at a near enough stage into the future. It sounds like you just want a refinance rather than are planning to sell the property and thus would be worth asking the bank about a remortgage of the property.

WaltKowalski

Thanks for the replies
I'm renovating my home with no intention of selling.
I should probably just wait until the fixed term is up.

chris85

You need to remortgage or top up the mortgage for what you want to do, a bridging loan is a different loan product which is not suited to what you want. They also usually have higher rates as there is a higher level of risk for the bank associated with them in case property doesnt sell.

I would contact your lender and ask. If you only have a year left and are in a stable position in terms of earnings and other debts may be workable but really the bank are the best people to have a chat to about it.