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Bridging Loan

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  • 14-12-2012 1:28pm
    #1
    WaltKowalski
    Registered Users Posts: 489 ✭✭


    Are banks still offering these?

    I know they're very expensive, but I've a year left of the fixed term of my mortgage and was hoping to refinance.

    Any point in trying or should I just wait for the year to be up?


Comments

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    #2
    kkelliher
    Registered Users Posts: 1,583 ✭✭✭kkelliher


    I had asked AIB this question about a year ago and was told no.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    WaltKowalski wrote: »
    Are banks still offering these?

    I know they're very expensive, but I've a year left of the fixed term of my mortgage and was hoping to refinance.

    Any point in trying or should I just wait for the year to be up?

    Are you selling the property? Bridging loans are provided based on a sale of the property at a near enough stage into the future. It sounds like you just want a refinance rather than are planning to sell the property and thus would be worth asking the bank about a remortgage of the property.


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    #4
    WaltKowalski
    Registered Users Posts: 489 ✭✭WaltKowalski


    Thanks for the replies
    I'm renovating my home with no intention of selling.
    I should probably just wait until the fixed term is up.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    You need to remortgage or top up the mortgage for what you want to do, a bridging loan is a different loan product which is not suited to what you want. They also usually have higher rates as there is a higher level of risk for the bank associated with them in case property doesnt sell.

    I would contact your lender and ask. If you only have a year left and are in a stable position in terms of earnings and other debts may be workable but really the bank are the best people to have a chat to about it.


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