Well I tried the Credit union to no avail Thenjtalked to Spry who would only loan 25% of the value of my own property and they are not offering Bridging at present !Is Spry Finance of any help to you?
You can borrow 25% of the value how-it-works/how-much-can-be-borrowed/[/URL]
i think I heard that they have a bridging product in development.
Brendan
I don't believe bridging loans are a thing anymore. I'm attempting to do the same thing retain my current property while buying another. I'm lucky enough to have a significant sum on deposit in excess of the required deposit and it's still been a struggle.Problem is any of the very few finance companies are only willing to deal with developers or buy to let None appear to deal with Residential property.
Thanks for your response, unfortunately we don't have sufficient savings to cover a deposit !I don't believe bridging loans are a thing anymore. I'm attempting to do the same thing retain my current property while buying another. I'm lucky enough to have a significant sum on deposit in excess of the required deposit and it's still been a struggle.
The Lenders will need an estimate of value of your existing property, if you have an existing mortgage needs to be <70% ltv, potential rental income amount per month and 6 months of rent plus circa 2% on top. Even then it's a bit of a lottery. Some of the new entrants to the market might be more flexible as looking for business according my broker. (Moco/Nua Money)
Realistically the best path is to get your house ready and on the market when you are ready and tell the EA not in a rush to sell until you have found your next house.
I don’t understand why on earth you are trying to make your life so complicated. Particularly given your ages. Sell your home. Meantime get rid of all the stuff you’ve accumulated. Rent for +/- 6 months from the date of sale. With the basics, the rest in storage. And in that time buy your dream older home. Madness to try and get bridging loans etc.Thanks for your response, unfortunately we don't have sufficient savings to cover a deposit !
Will be very difficult to get a place to rent for +/- 6 months!Rent for +/- 6 months from the date of sale
Nua Money
I don’t understand why on earth you are trying to make your life so complicated.
The first is a very dangerous situation to be in. The second scenario is more palatable, and if they are downsizing, even in a rising market, their PPR sale proceeds should be enough to purchase an increasing smaller property. Though one supposes they are trying to get some capital.If they buy first, they may have difficulty selling if the market goes quiet. But if they sell first, they might have difficulty buying if the market continues to roar as it is at the moment. On balance, in the present market, buying first seems less risky.
Cleary if you go for something in the cities. But I imagine one of the holiday homes could be got for 6 months once the summer is out of the way. Not sure if it exists in Ireland, but there are such things as serviced apartments for short term letting. We used one for 2 months once in between homes.Will be very difficult to get a place to rent for +/- 6 months!
It was a broker who mentioned them to me last week. I didn't end up applying to them.Are they up and running? Their website has nothing on it.
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