If you have found the perfect new home for you and your family and the offer has been accepted but things are on hold because you are having problems selling your current property, then a bridging loan could be the answer to your problem. The bridging loan is taken to do just as its name suggest, bridge the gap.
While this might sound like the answer to your prayers and can indeed save you from losing your new dream home, they should only be considered as a last resort as they are generally the most expensive way of taking a loan. However when taken in the short term they can be the only solution to your problem.
There are two main types of bridging loan; these are termed the open bridge and the closed bridge. The closed is available to those who have already made an exchange on the property they already have, this is because very few offers fall through after the exchange has been started.
The open bridge loan is given to those who have found their ideal property but have yet to put the home they have currently up on the market. A lot of backing will be needed for this type of loan and you will have to prove that you have a lot of equity in your property...
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