Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
Thread Tools Search this Thread
19-11-2018, 17:48   #1
jaffa20
Registered User
 
jaffa20's Avatar
 
Join Date: Jun 2008
Location: Kildare
Posts: 3,417
Bridging loan

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
jaffa20 is offline  
Advertisement
19-11-2018, 20:53   #2
Baybay
Registered User
 
Baybay's Avatar
 
Join Date: Nov 2008
Location: On the side of a hill - the nicer side!
Posts: 361
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?
Baybay is offline  
(2) thanks from:
19-11-2018, 23:00   #3
jaffa20
Registered User
 
jaffa20's Avatar
 
Join Date: Jun 2008
Location: Kildare
Posts: 3,417
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.
jaffa20 is offline  
19-11-2018, 23:03   #4
murt101
Registered User
 
Join Date: Jun 2006
Posts: 75
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.
murt101 is offline  
19-11-2018, 23:07   #5
Snotty
Registered User
 
Snotty's Avatar
 
Join Date: Sep 2017
Posts: 520
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.
Snotty is offline  
Advertisement
19-11-2018, 23:27   #6
Sleeper12
Registered User
 
Join Date: May 2012
Location: Dublin
Posts: 9,490
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
Sleeper12 is offline  
19-11-2018, 23:30   #7
Snotty
Registered User
 
Snotty's Avatar
 
Join Date: Sep 2017
Posts: 520
Quote:
Originally Posted by Sleeper12 View Post
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.
Snotty is offline  
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet