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Bridging Loan

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  • Bridging Loan

    A couple of months ago I went to a Property Landlord Show in Borehamwood, Hertfordshire. I met different exhibitors giving useful information about their various services. In hindsight it's just a tactic to get your name, telephone and email address. Then the follow up call - fortunately for the broker I had just bought two houses at auction and needed a buy-to-let mortgage. The broker explained because I needed to complete within one month, I would have to get a bridging loan until mortgage would be ready a month after that, so a total of two months and I will have my mortgage. When I received my solicitors papers I phoned the broker and questioned why it says twelve months if he had the 'exit mortgage' ready by the same lender LMC. His lengthy conversation was basically 'that's how it works' - I went and googled the bridging company and arrived here. Won't be signing any papers and have to let a house go and lose deposit. Thank you for the warning.
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