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Using flexible ISAs as bridging loan

mortgage deals, ideas and discussion
dingdong
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Using flexible ISAs as bridging loan

#707225

Postby dingdong » January 21st, 2025, 6:21 pm

Hi

I need to cover a gap between purchasing a house and the sale of my own house. I have delayed completion until April so that I can move all my ISA funding to a flexible cash ISA and then withdraw it for the house completion (with up to a whole tax year to then get it back into the ISA to maintain my ISA facility at its current level)

Does that sound feasible if the completion date is the 10th April. Would that give me enough time to withdraw from Cash ISAs and get it to my bank account? I'm assuming I won't be able to put the withdrawal request in until the new tax year starts on 6th.

Are there any other drawbacks with this approach? Bridging loans are so expensive hence why I'm thinking this would be a much better route!

Gerry557
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Re: Using flexible ISAs as bridging loan

#707268

Postby Gerry557 » January 21st, 2025, 10:49 pm

When will your solicitor need the funds? Can you transfer the amount required in the timescale.

Assuming that all works and you have a flexible isa that you can top back up will you be able to find the funds within the tax year.

It also assumes that the delay in completion won't be an issue with the other party and the mortgage lender is happy with the timescale.


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