Hi all,
My partner and I sold our first house in 2008 and put half of the proceeds from the sale into an investment which is maturing next year- it is a guaranteed return. The other half is in various bank/savings accounts. We have seen a house we would love to buy but the bank will not lend us enough to buy it even with the cash we have - we have no debts, pay rent every month, perfect credit rating, never missed a mortgage payment on our previous house. So we have a shortfall of about e50.
We would like to get a bridging loan or some other kind of one year loan that we can pay back in one year in one lump sum - no monthly repayments - from the investment when it matures.
I would be most grateful for suggestions of who to approach for this loan as from my own research I'm not getting anywhere. Any bridging loans Im aware of are for people in a selling/buying chain who need a loan for 3-6 months whereas our situation is different.
We have no other debts and are currently renting. Thank you.
My partner and I sold our first house in 2008 and put half of the proceeds from the sale into an investment which is maturing next year- it is a guaranteed return. The other half is in various bank/savings accounts. We have seen a house we would love to buy but the bank will not lend us enough to buy it even with the cash we have - we have no debts, pay rent every month, perfect credit rating, never missed a mortgage payment on our previous house. So we have a shortfall of about e50.
We would like to get a bridging loan or some other kind of one year loan that we can pay back in one year in one lump sum - no monthly repayments - from the investment when it matures.
I would be most grateful for suggestions of who to approach for this loan as from my own research I'm not getting anywhere. Any bridging loans Im aware of are for people in a selling/buying chain who need a loan for 3-6 months whereas our situation is different.
We have no other debts and are currently renting. Thank you.