Hi all,
We've moved to the stix and are in process of buying new PPR. Need bridging loan (?) to purchase new PPR while selling Rented Property by July 1st 2007 at latest.
Some Details:
Rented Property: Outsanding Loan: €251K. Current Value €550K at least.
New PPR: Price €150K. Deposit required €15K. Loan needed €135K.
________
I need to buy new PPR by end November. Can't sell Investment Property till March 1st due to lease (don't want to break lease).
________
Present combined salary is €53K basic with €17K overtime.
If i'm refused ordinary 'investment based' loan for new PPR then should i go with getting a bridging loan to tie me over to July 1st, latest? Investment Property won't go on market till March 1st. (4 months max to sell Investment Property; March 1st to July 1st)
________
All advice greatly appreciated!
(
P.S. I don't mind paying higher interest rate for bridging loan or fee for broker in order to get new PPR. Please PM me if any of ye can sort this).
Cheers,
Micka
We've moved to the stix and are in process of buying new PPR. Need bridging loan (?) to purchase new PPR while selling Rented Property by July 1st 2007 at latest.
Some Details:
Rented Property: Outsanding Loan: €251K. Current Value €550K at least.
New PPR: Price €150K. Deposit required €15K. Loan needed €135K.
________
I need to buy new PPR by end November. Can't sell Investment Property till March 1st due to lease (don't want to break lease).
________
Present combined salary is €53K basic with €17K overtime.
If i'm refused ordinary 'investment based' loan for new PPR then should i go with getting a bridging loan to tie me over to July 1st, latest? Investment Property won't go on market till March 1st. (4 months max to sell Investment Property; March 1st to July 1st)
________
All advice greatly appreciated!
(
P.S. I don't mind paying higher interest rate for bridging loan or fee for broker in order to get new PPR. Please PM me if any of ye can sort this).Cheers,
Micka