Can you please let me know what to consider and be aware of when taking bridging loan?? I would really like to buy house first before selling (PPOR) to avoid moving with 3 kids (where to?) but then finance comes as a problem. The only solution is to take bridging loan I think....
I understand that for example, I buy house for 1M and my current mortgage is for 400K, expected sale price 800K I would have to take mortgage and bridging loan for how much exactly??
There is a risk of not selling, but in today's market with 80% clearances on auctions, I think risk is less then to sell and rush to buy any house in minimum amount of time....
Please share your experiences and opinion with bridging loans or is there any other, better solution??
Thank you
I understand that for example, I buy house for 1M and my current mortgage is for 400K, expected sale price 800K I would have to take mortgage and bridging loan for how much exactly??
There is a risk of not selling, but in today's market with 80% clearances on auctions, I think risk is less then to sell and rush to buy any house in minimum amount of time....
Please share your experiences and opinion with bridging loans or is there any other, better solution??
Thank you