O
OFG
Guest
Hi there
I need some help re a bridging loan. I took out a briding loan to help me buy a property in April 2008, I also have a mortgage on the property, the new property is my primary residence, I havent' been able to sell my previous home so cannot clear the bridge and am continuing to try and sell it, I have it rented now as otherwise wouldn't be able to pay the interest on the bridge and even if i sold the property now it wouldn't clear the bridge, so basically I am paying interest on a bridge of 570k and a mortgage of 630k, the house went on the market initially for 800k.. one in the neighbourhood recently sold for 500k.
My question is how do I approach this with my bank, I don't want to end up with a bad credit rating but cannot sustain the repayments for much longer, I am self employed and work has dried up.
The bank won't give me a mortgage instead of a bridge as my repayment capacity isn't strong enough... doesn't make huge sense as am repaying a bridge but there you go... has anyone any info on getting the interest suspended on my bridge... any suggestions welcome...
I need some help re a bridging loan. I took out a briding loan to help me buy a property in April 2008, I also have a mortgage on the property, the new property is my primary residence, I havent' been able to sell my previous home so cannot clear the bridge and am continuing to try and sell it, I have it rented now as otherwise wouldn't be able to pay the interest on the bridge and even if i sold the property now it wouldn't clear the bridge, so basically I am paying interest on a bridge of 570k and a mortgage of 630k, the house went on the market initially for 800k.. one in the neighbourhood recently sold for 500k.
My question is how do I approach this with my bank, I don't want to end up with a bad credit rating but cannot sustain the repayments for much longer, I am self employed and work has dried up.
The bank won't give me a mortgage instead of a bridge as my repayment capacity isn't strong enough... doesn't make huge sense as am repaying a bridge but there you go... has anyone any info on getting the interest suspended on my bridge... any suggestions welcome...
