Query about bridging

Why does he need bridging and how much? If he has 100% mortgage approval, his solicitor should be able to come to an agreement with the bank or the vendor's (your buyer's) solicitor. The bank may agree to him drawing down some of what is required or agree a bridging loan with the solicitor. Alternatively, the vendor may agree to the booking deposit acting as the contract deposit.
 
Just speaking from personal experience, when the chain breaks down, it is usually not because bridging fails to materialise. It is usually because the buyer / seller at some link in the chain decides for another reason not to go through and it (the chain) can then all collapse.

If your buyer's buyer is looking for bridging, then it usually means he in turn has a prospective buyer.

I would be more worried about one buyer or seller in the chain changing his mind / finding a problem with planning or survey etc. than I would be with the chances of bridging being refused.
 
Tarquin:
its going on 2 months already
Click to expand...

Unfortunately, that is not all that long !

In my last buy and sell, from time of first sale agreed and purchase agreed through two more buyers and one more seller, it took 8 months to close. And that was without any chains (other than me) on any of the sale/purchases. Just a lot of indecisive people. Bridging was the least of my problems.
 
If you have a contract of sale agreed and signed off, the majority of lenders will provide bridging. They are not keen on it, but will oblige if you ask them nicely! Traditionally it was very expensive, but it is now possible to get bridging at or near mortgage rates. Security comes by way of a solicitors undertaking to forward funds to your lender. This any help?
Munsterdude
 
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