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Residential Bridging Loans
Explained?
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The residential bridging loan will enable you to complete the transaction of purchasing a new home; by loaning the money that is to come from the sale of the other home. If you are in the process of selling your home and purchasing a new one you can run into trouble with timing. If one or the other purchasing agreement becomes delayed you can find yourself short of cash to complete the transaction.
Here are some things you need to know about these types of advances.
· Short Term - The residential bridging loan is typically a short-term loan. It most often needs to be repaid within a year, with 6 months being the average length of this type of advance.
· Quick Process – The length of time it takes to get the money is rather quick, usually within just days of application. In most cases there is no need to have an appraisal done, however, if one is required it will add some time to the processing time of the advance.
· Easy Application Procedure – The application process is easy. Many banks and lending companies have simplified the process even further by making the application available online.
· Lenient Standards – The residential bridging loan offers the ability to use the property as collateral in the credit repayment, therefore streamlining the process of checking credit scores and employment records. The requirements are that the applicant must be 18 years of age or older and must be a resident of the UK.
· Other Uses – This type of advancement may be used for other reasons as well. It can be obtained for any use you want, or need, including bill payments and holidays. The advance will still use your home as collateral.
· Any Amount – The amount of money available is basically limited by the value of your property or home. Keep in mind that the advance is meant to be short term and there may be stiff penalties when the credit is not paid back on time.
The residential bridging loan may be the perfect answer to your problem when you are involved in selling your home while purchasing another. It can also be the solution to a need for some immediate money for any other purpose.
Bridging
Loans
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- Terms
of Use
- Privacy
- Apply
Today.
- Add
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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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