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Advice please

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Hi ,

All can anybody advise what is the best loan options for my parents to by a house while they are waiting for the sale of their house .

 

Is it best to get a bank loan or are there alternatives .

Thanks 

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Bridging Loan?

 

dx

 


..

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If your parents still have a mortgage on the house, it's likely to have to be a bridging loan, as dx says.

 

But they can be more expensive than normal borrowing. If the house is unencumbered, they could look for a loan or a mortgage that can be repaid at any time, to see if the rate is lower.

 

HB


Illegitimi non carborundum

 

 

 

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Thank you .

There is no mortgage  on the existing house they are downsizing and found the dream house but the buyer on the existing house has pulled out last minute so they don't want lose the dream house so I guess a short term loan is the best option .

 

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