Looking for a loan that will help you to buy new property while you are waiting for the sale of your existing property? Apply for bridging loans and get enough finance to buy your dream home even if you have not yet managed to sell your present home. This loan combines your new home loan with the amount outstanding on your existing home loan to create a new one for you.
No repayments are required to be made for the first six months or until the existing property has been sold. Various interest rate options are offered by different lenders. By making regular repayment during the bridging period you can reduce the payable interest on your loan. Once your existing property is sold, you can make use of the funds to lessen the balance of your bridging loan.
These loans are short term funding solutions. In addition to helping you bridge the gap between the sale and purchase, this loan is also ideal for those who plan to buy property at auction or sell their property quickly after renovating. This loan can also be used for various other reasons such as to buy-to-let, property development and investment.
Bridging loan can be an ideal alternative to mainstream landing. However, ahead of applying for this loan you should carefully plan your exit strategy. Often this loans may have hidden and hefty fee that are not mentioned clearly. This could easily mount up the cost of the loan. So, ahead of applying you need to confirm if bridging loan is the best solution for you to choose.
We at Installment Loans can help you find bridging loans in all shapes and sizes. With us you can get complete details and advise on how and where you can get feasible deals of this loan. Tell us your current status and requirements and we will let you know if applying for a bridging loan is appropriate for you and your present situation.