A Bridging Loan will normally cost in interest between 1 and 1.5% of the loan amount per month (so £60000 loan would be £600 - £900).

You also need to pay for a valuation and the Bridging Companies Legal Costs which will be around £1350.

There will probably be an Arrangement Fee of up to 2% also (£1200)

If you had the loan for 6 months you will be looking at £6150 - £7950 depending on the interest rate charged.

You could release some equity in your current home via a traditional remortgage and even if you paid 6 months interest on that plus Early Repayment Charges at 3% you would only be looking at around £3300.

I have £110,000 in cash to pay to a new property which is priced at £180,000.I also have my property which I think will sell for £120,000 but still have to put on market.I need a loan of £60,000 if my property does not sell in timescale as I do not want a mortgage.Can you advise on best loan type and Bank charges available?.