Trading up - sequence?

[Blackrock1]

Not loaded but we have a bit put by. I just thought that you would not get a short term mortgage and so this my bridging question.

just get a normal mortgage and pay it off when you have the funds from sale

 

[RedOnion]

One was the Credit Union and the other was AIB bank. What rates they charged I cannot give you. I do know both institutions were paid back in 6 months.

It's an interesting development. AIB have been talking about providing bridging for down trading since early last year, but nothing formal has been announced.

Out of interest, for the cases you know of were these people who had no mortgage at all after they completed the move and repaid the bridging finance?

 

[noproblem]

Yes, more or less I believe.

 

[John Locke]

Not loaded but we have a bit put by. I just thought that you would not get a short term mortgage and so this my bridging question.

We did this. It's not a "short term" mortgage. It's just a mortgage.
If you have the 20% deposit, then you can take a mortgage on the new house, then when you have moved, you can use some of the proceeds of the sale to pay down the new mortgage.

 

[DeeKie]

I suppose the risk is a sudden drop in the market between purchase and sale. We have decided that waiting until after the end of this month and after this current Brexit cycle is probably a good idea.