Are Bridging Loans still offered by Banks?

S

Snipersham

Registered User
Messages
30
Hi All,

I am a home owner (by that I mean I own my home outright, no mortage ect..)
I also have some savings.
I am planning on trading up shortly due to a growing family!!

My question is...
Will a bank offer me a bridging loan while my current house is been sold so I can purchase our new home? or have they stopped that practice?

thanks in advance.

snippy
 
Bridging loans are no longer available.
How much of a shortfall are you expecting when you sell your house?
 
emeralds said:
Bridging loans are no longer available.
How much of a shortfall are you expecting when you sell your house?
Click to expand...
Hi, I'm not expecting any shortfall, It's just a timing issue, I would like the cash available to purchase a new house during the time the sale of my own home is going through so I'm not stuck in limbo with my family when it comes time to move.
Does that make sense?
 
Gordon Gekko said:
Can you flex the closing periods so you're not left hanging?
Click to expand...
Hi Gordon,
I have not started any process yet I'm just looking for the best scenarios to carry out the transactions. Ideally to close both the sale and the purchase on the same day would be perfect but I would be amazed if that scenario ever happened!!.

Is there a grace period after signing contracts to allow for moving ect...?
 
Yes, the closing period...its length is agreed by buyer and seller to facilitate both sides.
 
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