What are they for?
This is probably the most common question for Bridging Loans, Most have never heard of one, a few know of them and even fewer understand and use them. So what are they and how can they help?
If you want to buy that special house you can by getting these cheap bridging loans. A bridging loans provide funds to solve your cash flow issues and also used to plug the gap between purchase and sale of property by providing you the funds to make this happen. These loans should be thought of a temporary cash advances that need to be paid back once you complete the deal for the bigger picture.
With a bridging loan in the UK it is most common that these are for those borrowers who have had to buy a new house after selling the old one. This means that cheap bridging loans are a short term solution. So as with all short term loans (see payday loans), a cheap bridging loan will always attract a larger interest rate. If you are unfortunate enough to have a bad credit history then do not panic as the loan is ofset against a bigger transaction so credit weighting is not as important here. Nine time out of ten you do not need to go through all of the paperwork and documentation as you would with a standard mortgage.
Many of these loans are available online.
You can borrow between 10K and 200K.
The loan terms are usually between 1 month to a year.
You need to be over 18.
Live in the UK and have a running bank account of at least 3 months.
Employed from 6 months with regular income or self employed with accounts to prove income.
Bridging loans are not for everyone so speak to a professional before acting.
This is probably the most common question for Bridging Loans, Most have never heard of one, a few know of them and even fewer understand and use them. So what are they and how can they help?
If you want to buy that special house you can by getting these cheap bridging loans. A bridging loans provide funds to solve your cash flow issues and also used to plug the gap between purchase and sale of property by providing you the funds to make this happen. These loans should be thought of a temporary cash advances that need to be paid back once you complete the deal for the bigger picture.
With a bridging loan in the UK it is most common that these are for those borrowers who have had to buy a new house after selling the old one. This means that cheap bridging loans are a short term solution. So as with all short term loans (see payday loans), a cheap bridging loan will always attract a larger interest rate. If you are unfortunate enough to have a bad credit history then do not panic as the loan is ofset against a bigger transaction so credit weighting is not as important here. Nine time out of ten you do not need to go through all of the paperwork and documentation as you would with a standard mortgage.
Many of these loans are available online.
You can borrow between 10K and 200K.
The loan terms are usually between 1 month to a year.
You need to be over 18.
Live in the UK and have a running bank account of at least 3 months.
Employed from 6 months with regular income or self employed with accounts to prove income.
Bridging loans are not for everyone so speak to a professional before acting.
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