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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