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Bridging loan

  • 19-11-2018 5:48pm
    #1
    jaffa20
    Registered Users, Registered Users 2 Posts: 4,565 ✭✭✭


    Hi all,

    Do banks still do this? I have already drawn down my mortgage but there is an issue is there is a delay with house i am selling and they haven't drawn down yet. The closing date keeps changing and i am getting worried. I thought maybe i could check with my mortgage provider if they offer bridging loans to make up the shortfall. It would be about 60k.

    Of course then if sale of my house didn't go through, it would be straight on the market again. I am just thinking worst case scenario. They have a clause too that contract is dependant on mortgage funding so i guess buyer keeps their deposit.

    I've never felt so stressed as this ever :(:(


Comments

  • #2
    Baybay
    Registered Users, Registered Users 2 Posts: 1,143 ✭✭✭Baybay


    Sorry to hear you’re so stressed. Buying & selling seems always to be so.
    Unfortunately I don’t believe banks still offer bridging loans.
    Might be worth speaking to them anyway?


  • #3
    jaffa20
    Registered Users, Registered Users 2 Posts: 4,565 ✭✭✭jaffa20


    Ok thanks anyway. Never again will i try sell and buy at same time. I will sell and then rent while looking for new place. The amount of fees already spent is crazy though. I guess maybe the buyer is in same situation regards that though. Hopefully it will all still go through ok.


  • #4
    murt101
    Registered Users, Registered Users 2 Posts: 139 ✭✭murt101


    No, we were recently in same position and bridging loan is a dirty term! We were eventually able to get agreement from vendors which meant they didn't look for the full deposit...bit this was after the stress of trying to raise the funds elsewhere.


  • #5
    Snotty
    Registered Users, Registered Users 2 Posts: 1,298 ✭✭✭Snotty


    You can get a bridging loan, but unfortunately it is a loan like any other nowadays and you will be assessed on your ability to pay it back should your house not sell. This is were most people wont get approval.


  • #6
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,190 ✭✭✭✭Sleeper12


    I'm listening for the last 25 years that banks don't do bridging loans and its nonsense. I have had a few over the years. They won't throw them at you. You need to qualify & be approved for one. Contact your lender for advice


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  • #7
    Snotty
    Registered Users, Registered Users 2 Posts: 1,298 ✭✭✭Snotty


    Sleeper12 wrote: »
    I'm listening for the last 25 years that banks don't do bridging loans and its nonsense. I have had a few over the years. They won't throw them at you. You need to qualify & be approved for one. Contact your lender for advice

    Congratulations you obviously met the criteria, doesn't mean everyone else will.


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