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A new alternative to costly bridging loans

3/24/2017 12:00:00 AM   0 Comments   bridging loans, buy to let

Several lenders are offering one-year mortgage deals to help those who are trying to downsize but are unable to sell their house.

Building societies are offering one-year mortgages to help people who are unable to move because of the housing market slowdown. The deals are essentially bridging loans for those who have found new homes, but are unable to sell their existing property.

Bridging finance is notoriously expensive but Enness Private Clients, the mortgage broker, calculates that it would be £18,000 cheaper to borrow £500,000 on one of these new mortgages than it would be to take out a typical bridging loan. The Shorter Term finance mortgage from Market Harborough building society has a rate of 5.49 per cent for up to a year, almost half the 9 per cent rate at which bridging loans start. You have to pay a fee of 2 per cent (£6,000…

Jessie Hewitson
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