An elderly friend of mine who has no mortgage on his property worth €150k wants to buy a new house for €200k. He will finance the difference from savings.
For many reasons he wants to buy the new house and move in immediately. He has put his old house on the market but the EA has told him it might take several months (6-10) to shift the property.
I have read Aileen Power's article [broken link removed] about the headaches associated with Bridging Finance. But can anyone tell me what institutions offer interest free bridging finance and what are the best rates at present?
Is the Credit Union an option for him given the reluctance of the main financial institutions to encourage bridging finance.
BiN
For many reasons he wants to buy the new house and move in immediately. He has put his old house on the market but the EA has told him it might take several months (6-10) to shift the property.
I have read Aileen Power's article [broken link removed] about the headaches associated with Bridging Finance. But can anyone tell me what institutions offer interest free bridging finance and what are the best rates at present?
Is the Credit Union an option for him given the reluctance of the main financial institutions to encourage bridging finance.
BiN