We have a house with a long garden & have to build at the bottom. Next door is selling & we want to buy it, split the garden & sell it on. Can we get a bridging loan?
Posted on 17 July 2015 by Laura
We own a terrace with a long garden an architect has done plans for us to build at the bottom of the garden. Our house is worth £300k and we have a mortgage of £140k. The new build would cost £250k and be worth £450 -£500k. Next door is now selling for £300k we wanted to buy it and split their garden and the sell the house on. Would we be eligible for a bridging loan is this the best option?
We could certainly look into bridging loans for you. Without knowing a little more about the properties involved, and what the housing market is like in your area, I can't say 100% if this woould work. However, bridging lenders look mainly at the asset and exit strategy, which in this case seem to be strong. We could also look at a self build mortgage for the new property you are intending to build, though you don't mention if you intend to live in it once it's completed.
If you want to know exactly what we could do to make this happen for you, then please contact one of our consultants on 0344 346 3672 and they can go through your enquiry in more detail and work out a solution for you.
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