Page 1 of Bridging loan advice/recommendations, would be much appreciated ...

Sorry for the boring topic but I could do with some advice if you have time.
I sold my house 3 weeks ago and reserved a gorgeous new build house due for completion in April.
Unfortunately the chain has collapsed but I don`t want to come clean with the builder as yet and lose my plot, I need to exchange contracts in 3 weeks !!
Has any one had any experiences with Bridging loans or anything similar ??
I do know a little bit about them and that they are expensive, the Halifax do seem happy to help but obviously they`ll make a lot on the interest.
Are there any places that are competitive on these loans ??

Thanks alot ...

Don`t know anything about bridging loans, but have you thought about asking the builder if they`ll consider part-ex?

Depending what they value your house at, it may work out cheaper than a loan, and it`s less stressful than a chain.


PS Which housebuilder? (I work for one!!)

This item was edited on Tuesday, 2nd March 2004, 19:47

Thanks for your reply Beth, the housebuilder is Bovis.
They wouldn`t let me go through the part-ex route as the value of my current house is not that much different to the new one.
I`m going to contact a few banks later for rates etc. it was just that I couldn`t find any info on the web .. !!

Worth trying sites like Motley Fool and the Daily Mail-run This is Money.



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