bridging loan query

[oilpainting]

i am selling a house worth a mil,i half own it with my sister,500k each,i want to get a loan off my bank till the house is sold,and i want 100k,i want to pay this loan back when the house is sold,this might take 2/8 months-house is in a prime location,and auctioneer has recommended a quick sale-the next door neighbour also sold his in 3 months recently-as there are only 5 of these houses....ie ....a bridging loan,is this possible and what are the interest rates for such a loan???? oilpainting x

 

[Vanilla]

It is possible, if the bank will lend it to you and this will be based on your assets and ability to repay. The rate will be similar to a personal loan and just like a personal loan rates are negotiable.

 

[oilpainting]

yes its looking likely i will get the loan and im getting a letter from my solicitor too. which is helpful.. but the interest could be 800 a month and im wondering if it is worth it, the reason for needing it is because we need to furnish our current apt we moved into in sept and we stil have no appliances and floors in and feeling like we need it all sorted....but if i dont sell for 6-8 months it could cost 800X8=6,400 interest..... im sure this is normal but im gettin my head round it all...

 

[Vanilla]

yes its looking likely i will get the loan and im getting a letter from my solicitor too. which is helpful.. but the interest could be 800 a month and im wondering if it is worth it, the reason for needing it is because we need to furnish our current apt we moved into in sept and we stil have no appliances and floors in and feeling like we need it all sorted....but if i dont sell for 6-8 months it could cost 800X8=6,400 interest..... im sure this is normal but im gettin my head round it all...

It's a lot of money. Unless it is absolutely necessary I would be inclined to hold off. Try jumbletown.ie for 'stuff' or whatever. Imagine the holiday you could have on even half that money or a car or whatever. If you absolutely must then perhaps think about buying things on on of those interest free for the first 12 months type scheme?

 

[oilpainting]

yes its alot isnt it... but i was thinking that we are currently paying 1,000pm on loans as it is... and struggling,the money is partly for putting into my boyfriends business which is doing really well but needs more tools to take the bigger contracts he is being offered,i could get the new loan and pay off all my debt,and pay the interest while enjoying the loan for what i need it for-otherwise i will be continuing to struggle and paying 1,000 a month on loans anyway,part of which is also interest... does that make sense.... xx