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Bridging loans are loans that will help you on a short-term basis. It is typically taken out for a period of 2 weeks to 3 or 4 more years pending the arrangement of the other larger or smaller longer-term financing. Bridging loans are intended to help people purchase the desired property before actually selling their current home. This supports those with an intricate property chain. These loans are used as short-term and have a higher rate of interest compared to other loans such as mortgages or commercial mortgages.
As well as helping home movers with an unsustained gap between the sale and completion dates in a chain, bridging loans can also help in planning to sell on faster than normal after refurbishing a property.
Bridging loan finance helps those who want to purchase their property in an auction. Auctioneers require a small, approx 7% down payment to hold the winning. Auctioneers require a strict certain specific time frame to complete from sale and therefore require a short-term bridging finance to fund the purchase within the time frame given. After which, a mortgage can be applied for and replace the bridging loan outstanding. Residential / Buy to Let mortgage.
Take a look at some example bridging loan rates table below. This will give you an idea of the rates involved when taking out a bridging loan for your purchased. The following Bridging loan table of rates is based on an example borrowing of £100,000.APPLY NOW!