Getting a bridging loan.

In the early 90’s living 35 miles from London we saw neighbours lose everything they had due to bridging loan.
Please don’t be persuaded.
As GSM said try and sell first.
I hope it works out for you.

No reputable solicitor would either recommend doing this or a company providing bridging loans. Believe me, if you do this you’re on the road to bankruptcy. You would be paying your existing mortgage and the bridging loan for an unknown period. The market is slow. No property is worth this risk and no reputable solicitor would ever recommend it. Find a buyer then find somewhere to buy.

The bridging loan company discussed needing proof of worth of my house as collateral.

Its not good rental material at all - only 2 bedrooms and small downstairs, large beautiful garden needs keeping up, and not really in a rental area - its attraction is that very garden and the fact its detached among semi's. It would also need some work doing it to make it suitable for a rental that a buyer would want to do themselves.

GSM was hoping you would come in. The loan company I spoke to are doing bridging loans to guarantee purchase - we are talking a loan of maybe only just over £100.000 low on the food chain.

So a solicitor wouldn't arrange it, but wouldn't an experienced conveyancing solicitor know who's reputable etc? (its the family solicitor who does wills, POA's and conveyancing specialisms, family stuff.)

Thanks Sago, saw your post after I posted. Bridging loans are expensive. Being able to jump when you find a desirable property without having sold your own is not their purpose. Their purpose is to be able to complete your purchase a few days ahead of your sale if need be.

No, you have to do this yourself. Solicitors and estate agents aren’t brokers. Don’t even consider a bridging loan without exchanging contracts on your sale - and you’re unlikely to be granted one until then. They’re not intended to put you in the position of a cash buyer.

Please think very carefully, you could end up paying enormous interest rates.

Estate agents and solicitors do not organise bridging loans.

Why not put your house on the market and wait and see?

Our daughter has a house for sale in a very desirable area, she had people posting cards through the door in 2021 wanting to buy it, 6 months on the market and she has only had 1 viewing.

The market is not good.

Would you consider letting your current property and buying the apartment?
There is a great demand for rentals in many areas.

GermanShepherdsMum may see this thread and give better professional advice.