Bridging loans are a short-term funding solution for property transactions to help cover a period between buying a new home and selling your old home.
There are two types of bridging loan, open and closed. With an open loan there is no fixed repayment date, however you would normally pay off the loan within one year.
With a closed loan there is a fixed repayment date ?this kind of loan tends to be used if you have exchanged contracts but are waiting for a property sale to complete.
The lender regardless of which type of loan you choose will expect to see a payment plan and evidence of finance such as the sale of you existing property.
Bridging loans are typically expensive. Usually there will be set-up fee so it is advisable to only take one out if you are confident that you won?t need it for a long period of time.
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I would like to thank you for the help that you have given me over the past year. The financial detectives have helped with both mortgage applications for our new house and the more recent application and setting up of Personal insurance through my company. The services were carried out to an extremely high standard, in a professional and yet friendly manner, which made all of the work from my side, very easy. Both services were carried out in an expeditious manner, offering consideration for my limited understanding and at what I consider to be very good value for money. I have actually recommended you to colleagues of mine who I believe you are working with at this very moment and I will continue to do so in the future. I would like once again to offer my sincere thanks and congratulate you on your work, which is very much appreciated. P Howell,
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