Bridging Loan - credit union or bank?

E

emily_moss

Registered User
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55
Hi

Will need to get a bridging loan of about €20K. Our mortgage broker advised us to get our solicitor to write an undetaking to the credit union who will give us an interest only loan for the amount required.

Has anyone ever done this before?

Or which banks offer this type of facility?

Any advice or info would be appreciated.
 
FTB, we bought house on 100% but needed to pay deposit and so borrowed from credit union because we paid it off in full when we could (when mortgage came through) and it was more flexible for us
 
no.
i had my savings going in there - say 30k for something like a 10 year loan was something like 60 a week, so i paid a tiny amount princepal and then interest. In my CU, you get the intrest rebate at the end of the year anyhow so it is not much of a difference.
 
The Credit Union loan might be issued quicker Emily, but the interest rate could be a lot higher. This is not a problem if the bridging is short term, but if it's likely to go on a while, it would be better to get a bridging loan from your new mortgage lender.

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My Credit Union is offering an interest rate of 7.2% for personal loans. Worth looking into and as previous posters have outlined I found them very flexible.
 
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