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gazwheat

Bridging Loan Help

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Help needed please? I am in the process of buying a new build Wimpey house. They have told me that I have to complete by the 30th June, and that is not negotiable. However I have just realised that (a massive oversight by me) my deposit money is tied up in a fixed rate bond account until the 17th July (I thought it was June). I am currently living in rented acommodation so, as I understand it, I can't get a bridging loan. I will phone the fixed rate bond bank tomorrow and state my case but I dont hold out much hope.

On the plus side, I haven't exchanged contracts yet so if I have to withdraw I will only lose my reservation fee. But we want this house. Can anyone please advise on what options are available to me? Many thanks

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Help needed please? I am in the process of buying a new build Wimpey house. They have told me that I have to complete by the 30th June, and that is not negotiable. However I have just realised that (a massive oversight by me) my deposit money is tied up in a fixed rate bond account until the 17th July (I thought it was June). I am currently living in rented acommodation so, as I understand it, I can't get a bridging loan. I will phone the fixed rate bond bank tomorrow and state my case but I dont hold out much hope.

On the plus side, I haven't exchanged contracts yet so if I have to withdraw I will only lose my reservation fee. But we want this house. Can anyone please advise on what options are available to me? Many thanks

This is a common tactic being used by developers at the moment. You may well be able to get hold of the money from your bond subject to a penalty depending on the bank that you have used. Were you planning on getting a mortgage to finance the purchase? If so, you need to get things moving asap. What is the size of your deposit? You may be able to borrow the money, even if you need to go cap in hand to your friends and family.

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Help needed please? I am in the process of buying a new build Wimpey house. They have told me that I have to complete by the 30th June, and that is not negotiable. However I have just realised that (a massive oversight by me) my deposit money is tied up in a fixed rate bond account until the 17th July (I thought it was June). I am currently living in rented acommodation so, as I understand it, I can't get a bridging loan. I will phone the fixed rate bond bank tomorrow and state my case but I dont hold out much hope.

On the plus side, I haven't exchanged contracts yet so if I have to withdraw I will only lose my reservation fee. But we want this house. Can anyone please advise on what options are available to me? Many thanks

You could take a penalty from the fixed rate deposit, or they might not even release the money. Or if you have exchanged contracts with Wimpey, the contract will specify the penalty - ask your solicitor what the penalty would be. Find out both penalties and take the least damaging.

Or if Wimpey are the least bit out of line in how they fulfill the contract, you could stall on that. Have nerves of steel and wait to the 30th of June, there is a chance they may not be ready - in which case you call the shots again.

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It is likely that Wimpey's end-of-year is 30th June (I know that is the case with other builders) so that is why they are insisting on that date.

Normally they will shout, scream and threaten but back down in the end. They want your sale for this years figures but very rarely will pull out totally. It happened before in a rising market but not now in a falling one.

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