A bridging loan is designed to be a short term finance arrangement to “bridge” the gap between two different transactions. Specifically with property, this sort of arrangement would typically cover the interval between selling one property and buying another.
Let’s say for instance that you have found your next dream home, but the sale of yours has been held up, or delayed for some reason. To prevent the collapse of your purchase, you could look at a bridging loan to secure the purchase and settle the bridging loan once the sale on your existing property completes.
These loans really are designed to be used as a short term arrangement. They are more expensive than a traditional mortgage but are well suited to the scenario above. Application to completion times can be much quicker and there are normally no monthly payments to make, interest is rolled up and added to the loan, meaning this is paid off at the end.
Don't forget, First For Futures has access to over 90 different lenders and around 12,000 different products. Get in touch today via phone, or any of our social channels to see how we can help you today. We never charge upfront fees.
Call us on 01202 985 185
Experts in Mortgage & Protection Advice, our speciality is helping people move. Whether you're moving the family home, or buying your first, our job is to make the home buying process simpler, easier and quicker.
With access to over 90 lenders and around 12,000 products, you can be safe in the knowledge that you're in good hands.
We can help all types of clients also. Whether you're employed, self employed, a contractor or had financial difficulty in the past, leave it to us. Just about the only thing we can't help with is packing boxes on moving day!
We charge no upfront fee, so what have you got to lose? Call a specialist now on 0330 133 0890.
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.