nosuchluck

Hello guys and girls,
we've well and truly hit a brick wall today, as most of you know, we will have to lodge the bond money when requested, which our agent doesn't think will be too long now! I spoke to our lender today and explained the reason we would require a further advance just until we sell the bungalow, which is on the market BUT they will NOT lend for such a short period of time, so we are up **** creek without a paddle, unless we can sell the bungalow and complete in record time! We have today gone joint sole agents with the estate agents next door to my office, so i am begging you all when talking to him upstairs please ask him to give us a break too as we haven't got AU$ without selling!
To anyone who needs to lodge the bond money, get your property on the market sooner rather than later!
thanks for listening
Rach x

vicky o

Hey Rach,

Who's your lender??? Won't they do a bridging loan??

wmoore

Sending positive thoughts your way. Have you tried somebody other than your mortgage lender? Do a search on here, I read something recently about somebody taking out some kind of bridging loan.
PS Got my house for sale NOW and haven't even applied for the visa yet!! And I wasn't ever a boy scout before you ask.

earlswood

Sending Cyber prayers Rach


Good luck!!

Anita x

nosuchluck

Hi Vicky o
just posted to your thread!
our lender is Barclays, spoke to their head office, to be honest she wasn't that helpful, just ummed and ahhed a bit! Said that they wouldn't do a short term loan! What would a bridging loan mean? Do you think i should just go into a branch and explain our predicament?

wmoore

Just re-read that comment and realised how ridiculously unhelpful it is

arnie2oz

Hi Rach

I can't remember where you are with the sale of your house, but there are lots of mortgage lenders out there with offers to pay valuers & solicitors fees. It may be a bit of hassle but a remortgage could help you out here.

One word of warning - make sure any remortgage doesn't have a penalty clause in it if you repay early.

Everything crossed for you

Graham

nosuchluck

Thanks wmoore,
Vicky o just mentioned a bridging loan too! so will look into that option.
Thanks for replying and best of luck with your sell
rach x

nosuchluck

Thanks Anita

arnie2oz

Re: Bridging Loan

Usually available once you have exchanged contracts for the sale - repayable on completion of sale.

G
x

wmoore

Have a look at the comments from JAJ here. It might be useful

nosuchluck

Thanks Graham
we have our bungalow on the market with who i work for and today put it on jointly with the agent next door, need a cash buyer, with no chain to offer full asking first thing in the morning!
I will ask our financial consultant about the possibilty and implication of remortgaging,
with kind regards
Rach x

noodle

Hi Rach

I was joint with 2 agents, one who I knew. I wasn't getting anywhere and decided to go with 2 others. Because I was multiple agency, even thought there was nothinhg in writing stating how many agents, I took on 2 more to repleace the others and all of a suuden I had 4. Anyway after 2 months and 3 viewings I have had 3 viewings and an offer in 3 days. Agents have to understand that you have to do what you have to do. May not help, but just wanted to wish you all the best mate.

Lots of luck.

Noodle.

mlbonner

I work for said Bank (sorry!) in the business section though - I dont understand why they wont do a short term loan, we do for businesses. If I can get hold of any contact details at work tomorrow, I'll PM them to you.

Cheers

nosuchluck

Thanks Noodle and best of luck with your offer mate
hugs
rach x