Best Bridging Loan

[jamesgm]

Hi,

I'm moving into a new house (€365K) which will be completed in 3 months time. I currently live in my own house(€275K) - no mortgage, which originally I intended to keep and rent but have now decided to sell as I think I'm better off having a lower mortgage(~€60K) considering the difference between what I would get in rent against what I would be paying in mortgage repayment on €335K (I have paid my deposit €30K)

My dilema is that my own house won't probably sell for 8-12mths if I put it on the market now so initially I am going to have to take out a mortgage of €335K. Are there offers out there that will keep payments to a minimum, i.e. interest only, bridging loans, loans that you don't have to start making repayments for a few months etc? I think its pointless paying high monthly repayments that are just going against interest when I will eventually pay off most of the loan in a few months anyway ?

Any advise would be appreciated.

James.

 

[Marianne]

Permanent TSB have a six month deferred start option which they call "The Big Freeze" -

If you go that way, you'll need to get life cover for the full amount and will have to qualify for a mortgage of €335,000.

 

[CCOVICH]

Have you actually applied for approval for a 2nd mortgage yet?

 

[jamesgm]

Hi Marianne/CCOVICH,

thanks, that TSB big freeze looks like exactly what I need - didn't think these packages were available.

Havn't applied for mortgage yet but I assume since I own a house with no mortgage it shouldn't be too difficult !!!

James.