If you are caught in a property chain and are unable to purchase the house of your dreams, then why not apply for a bridging loan. A bridging loan can help you to secure your new property before you have sold your old one. However, bridging loans can also be problematic if your circumstances change. If you want to know whether a bridging loan is right for you, then here is some advice on the benefits and pitfalls of using a bridging loan.
What is a bridging loan?
As you might have guessed, a bridging loan is a type of loan that bridges the financial gap between selling your house and buying a new one. If you have found the house you want but are unable to get a mortgage for it because you are yet to sell your old property, then a bridging loan might be the answer. These loans are short-term and are used to buy a new house or raise capital prior to a house sale. You can usually get bridging loans for 25,000 up to a few million, depending on your circumstances and needs. Loan terms usually range from one week to six months, depending on how long it will take you to get the money from your sold property.
Getting your new house quickly
The reason why...
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