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Bridging Loans
What are Bridging Loans?Bridging loans are loans that are usually taken out to solve a temporary cash shortfall that may arise when buying a property or business, or perhaps paying for a renovation. A typical example of when you may need a one would be if you want to buy a second property before you've sold your first. Or you may need one if you're buying property at auction.
As bridging loans are more risky for the lender than the usual housebuyer's loan, bridging loans are therefore more expensive and should only be used where you are fairly certain to repay them within about 6 months.
Depending on the lender, a Bridging Loan can be obtained by the self employed or people with bad credit. In other words to those who traditionally have found it more difficult to get loans and mortgages.
In the case of buying property, Bridging Loans are normally secured by getting a mortgage on the new property, and taking out a second mortgage on the property being sold. In this case the loan will depend on a positive valuation of the relevant properties. Lenders will usually allow Bridging Loans of between 70% - 85% of the value of the properties - less any existing mortgage. But this will depend on the lender so the brokers that we intruduce will shop around for the better deals.
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