Moving house, no bridging loans available, using Spry Finance instead?

M

M Quinn

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I am planning to move house. When I see a property I am interested in, the Estate agents want me to put my own house on the market before they will accept an offer. This is risky as I may loose the bid on the other property. I own my house outright. I thought about bridging loans but they don't offer this in Ireland any more. Would the option of Spry Finance be a runner for me? Can I pay off the equity loan as soon as I move and sell my own house? Who keeps the deeds when releasing equity? Thank you
 
Even if you are 60+, it is probable they would not lend enough for your new home, put your age and house value into their calculator. If you are only 60 with a €500k house, the most they would lend is €75k. At age 70 they would lend €125k.
https://www.spryfinance.ie/think-it...culator/?int=6.7&age=60&loc=Dublin&val=300000

Apart from interest there is also a set up fee of €1,500 and you would have to pay your own solicitors fees.
If you don’t die or move into a nursing home, there could also be an early repayment charge if you repay the loan within 10 years of taking it out. Other possible charges in there too.

https://www.spryfinance.ie/how-it-works/fees-and-costs/

It is a good option for some but probably not for your circumstances.
 
Hence why the sales of second hand homes is gradually drying up. Between this and requirement for larger deposits for 2nd time buyers than would have been required in the past.
 
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