Bridging Loan Mortgages
A bridge or bridging loan is a short term secured loan. Property buyers typically use bridging finance to “bridge” the gap between the purchase of a new property and the approval of a traditional mortgage, the sale of the new property or the release of capital from an existing property.
A bridging loan can help you access funds quickly to complete a property transaction. For example, if you want to purchase a new property before your current property is sold or to allow you to renovate a property in a short space of time before selling it on. In these cases, a bridging loan could provide the stop-gap you need.
A bridging loan is a short-term solution which lasts between 1-24 months. They are often used by landlords, developers and people stuck in a broken housing chain. Due to the nature of the loan, they can be expensive and it is crucial before taking out this type of finance that you know how you will repay the loan, for example through the sale of a property or with funds from a mortgage. We can help you with the latter.
Bridging finance may be able to help you if:
- You want to move but are struggling to sell your property and need to buy your new home quickly
- You’ve lost your buyer but don’t want to let your purchase fall through
- You want to purchase a property that isn’t currently mortgageable or habitable
- You want to purchase an auction property
- ou want to convert/refurbish/develop a property
- You want to purchase land so you can self-build a property
- You require funding without monthly interest payments for a short period of time