Bridging Loan - For 100% Mortgage

[zabbo]

Hi,

We have had an offer on a house accepted and paid a 5k booking deposit on the house. Mortgage is arranged by BoS (100%).

They don't allow the deposit to be drawn down, so where will we get the funds together for the contract deposit.

If the deposit is 10%, we're looking at 26500 to borrow, and more or less pay back when we get the keys(and deposit back).

Whats the advice on this, I've looked around and only some banks allow a 12month loan.

Any advice ?

 

[Petal]

Get your solicitor to contact the vendor's solicitor, get him to explain and see if they are happy with no or a much smaller deposit . More and more it is accepted that no contract deposit is required for 100% mortgages.

 

[nelly]

we borrowed from the CU and when we drew down the mortgage we paid it all back. cost us a nominal amount in interest as it was loaned and paid within 2 months.