If you’re planning on selling your property to move to a new home, then a Bridging Loan could work for you.
If you need to fill a gap between buying your new property and receiving the money from the sale of your old home then a Bridging Loan might be what you need. This type of loan is referred to as a ‘bridge’ loan.
You may have other reasons for taking out a Bridging Loan than buying a house.
Home-buyers who need financial help until the completed sale of the old home are usually those who take out bridging loans.
If you’re considering selling your current home, then you may need a loan in order to secure a new property. You can never know when you will find the new home that you wish to purchase. Whilst waiting to complete on the sale of your old home a bridging loan can unlock valuable assets.
Getting the property you love
When you see the right property then it makes no sense to let that opportunity pass by. When house hunting, it is a tragedy when opportunities pass simply because you did not have finance available.
Bridging Loans usually have a faster application, approval and funding process than traditional loans. Typically these loans tend to have much shorter terms and higher interest rates because of the convenience of the loans.
Borrowers usually accept these terms because they require quick, convenient access to finance. The higher interest rates are usually acceptable because the loan is short term and sometimes it will be paid off with low-interest, long-term financing.
Don’t be afraid of looking for a new place to live before you sell your old home. If you are confident in the housing market you can make the deal happen.
Whether it be for sale or at an auction, having the finance is place is a great starting point.
Here at Atlantis Loans we can advise you on the best funding sources available to you as a homeowner. Call us on 0208 798 3743 to speak to someone today.