You have set your eyes on a dream house that is to be bought immediately otherwise anytime others may grab it. But you dont have sufficient finance at hand. To generate funds you want to sell your old house but its buyer will take two months to buy it. What to do? Short term bridging loans UK pulls you out of the tight money situations like this one by making available the much-required money the other day.
Short term bridging loans UK, as is clear, is a loan taken for duration of a week to six weeks and a maximum of two years. In these few weeks or days, the borrower after availing the loan buys the new house or any other property from the borrowed money. He then pays back the loan to the lender when he is able to sell the old property.
The amount you can borrow under short term bridging loans UK generally ranges from 25000 to 500000.One can borrow a higher amount provided the collateral placed with the lender is of high value. Under short term bridging loans UK, lenders provide the borrower an amount that is 65 percent of the value of the property put as collateral. The lender when deciding over the loan amount does not consider purchase price of the property....
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