9:29 AM, 29th January 2020, About A year ago 8
Hello all, I’m new to this business and working on setting up my first HMO and have another post running elsewhere on the forum about legal aspect and would also appreciate some advice about bridging finance, in short my thirty plus years pristine credit history was shot to pieces when my marriage went into disarray and mortgage payments were missed giving me an Experian score of around 622.
I’m intending now to buy out my soon to be ex – wife’s equity in our property and clear the mortgage so thinking of bridging finance to achieve this and then once I hold the full freehold take a secured interest only loan for 12-18 months after which my credit record should be good enough to move across to mainstream interest only provider. once I have the freehold I will use the house as a small ( 5 bed ) HMO
I’ve been offered bridging at 0.65 % with £4,690 arrangement fee with all monies due paid at the loans end, this will cost me £1,619 monthly and I estimate needing to bridge for 3-4 months, i.e. circa £8-11 K
I will also have associated legal cost and also for survey, but interested to know if the rates quoted are in line with the general market for this form of lending please? The property has a value of £404k. All advice / info would be very welcome, thanks all !
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous Articleholiday/short lets room size guidance?
Next ArticleNew build dwelling starts and completions - England
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|