Browse Forums Home Finance bridging loan, using equity to build new home 7Jan 23, 2009 12:41 am Helyn We borrowed nearly all of the money for ours but situation perhaps a bit different - the credit union had our morgage for previous house although it was almost paid off, at their suggestion we redrew on that mortgage for the land contract, not sure why now and then drew up another mortage for the house contract when construction started, I think by doing it this way they exempted us from paying LMI. When we sold our previous house we paid those funds onto new morgage. oh the joys of having so much equity that lets you do magic. So let me see , how we can sum that up? Equity release followed by security substitution. Very low cost way of doing a bridge, you should thank your lender. DIY, Home Maintenance & Repair That laser level looks lovely! We bought one for less than a quarter of that price off eBay. It worked really well for us and it's still going now, five years later. After… 1 16716 Hi, My home construction is complete, and the handover is scheduled next week. However the construction has been delayed and I have raised this to the builder. The… 0 5330 The fastest thing a builder will do is bank your cheque, those systems work perfectly with lightning speed, everything else is slow burn. Just the way it is. 1 8711 |