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Loan Information - Bridging Loans

 

Bridging Loans

 

Information on Bridging Loans

This type of loan is used when you are attempting to buy property, or a business. Maybe you are ready to buy a new home but the sale of your current home may not have be finalised. This usually occurs if a purchaser of your property drops out at the last minute and the funds from the sale is needed to finance the next purchase.

Bridging loans are normally secured on your property and since they are intended for the short term they carry a higher risk to the lender. With this risk you are normally charged at a higher interest rate to the conventional mortgage. If the sale of your existing home fails, there is a chance you'll have to sell your new home just to pay off the monies borrowed. You will also have the costs of the interest and the legal costs from the buying and selling to pay. These are best left to persons who are sure that their situation is a short term one.

They can also be used to build a credit rating if you have found it difficult to obtain a conventional mortgage. Bridging loans can be aquired within a week and amounts can be paid over a short time span, ranging from a week to several months.

 

List of Major Secured Loan Providers

List of Major Unsecured Loan Providers

List of Major Debt Consolidation Loan Providers

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.

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