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Bridging Finance Overseas
Loans
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Bridging finance overseas is available through UK lenders for property that is being purchased abroad. This type of advance is a loan that allows you to borrow money to complete a pending property purchase while the sale of your other property is not yet complete. This service loan lets you buy the new property by providing a short-term loan.
This type of advance is a short-term loan that is to be paid back after the sale of the existing property, usually within about 6 months. The payment terms are monthly payments that include both the principle and interest. The interest rate for these loans is usually higher than the interest rates charged on traditional mortgage loans. This is because the loan is considered a specialty loan and there may be a higher risk to the lender. There are also usually additional administrative fees charged for the application process of the loan.
Bridging loan overseas uses the same standards. The applicant must be a UK resident and be over the age of 18. The Loan Company, or bank will look at the mortgage on the new property as well as the terms of sale on the existing property to help determine the terms of the loan. The length of the loan should be long enough to allow you to complete the sale of the old property. That sale should also generate enough money to allow easy repayment of the loan value.
The Bridging finance overseas is secured by the property itself. If you fail to pay the loan or default on the loan, the loan provider can repossess the property and sell it. Because this is generally a large loan, make sure that the existing property sale will be able to be completed in a short amount of time. If there is no pending sale on the property, beware of taking this risky advancement.
The bridging loan overseas can be a useful tool to complete a purchase of property when there is a delay on the pending sale. Otherwise, you may not be able to make the purchase. This type of loan provides the means to get the home of your dreams.
Bridging
Loans
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| Links |
- Terms
of Use
- Privacy
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| Who's Suited |
- Purchasing
property at auction.
- Property refurbishment or conversion.
- Chain breaking mortgages.
- Homeowners who have been or about to be repossessed.
- Funds required within days not months.
- Short-term finance for business purposes.
- Commercial property purchase and refinance. |
| Features |
- 100% LTV
Available.
-Market leading rates from 0.75%.
-1st charge or second charge equity release. |
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