Will Bridging lender stop the clock?

by Readers Question

14:21 PM, 24th March 2020
About 6 months ago

Will Bridging lender stop the clock?

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Will Bridging lender stop the clock?

To keep it brief, bought a property that consists of 3 flats using Bridging finance. They need refurbishment to be put into rentable condition and then refinance longer term on to a Buy to Let mortgage.

Two months in to the refurbishment and four months left to go the builders and now suppliers closing down!

What should I do?

Will  the Bridging lender effectively stop the clock?

Many thanks

Gregg


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Neil Patterson

14:24 PM, 24th March 2020
About 6 months ago

Hi Gregg,

In principle Lenders have agreed with the Bank of England to do all they can to assist during this national emergency. However, there has so far been no hard and fast policies.

UK Finance advice is to contact you lender as soon as possible to advise them of your position if you may face difficulties.


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