Bridging Finance Solutions
Imagine you have the chance to buy your ideal home and your offer has been accepted. But the problem is your own house sale is yet to complete. A bridging loan may be a way of keeping the deal on track.
These loans can be expensive and are usually considered to be a last resort. But if a bridging loan can tide you over in the short term then the extra expense may save you from losing money already spent in the purchase process, as well as reducing stress, it could be worth it.
There are two main types of bridging loan: the 'closed' bridge and the 'open' bridge. A closed bridge is only available to homebuyers who have already exchanged on the sale of their existing property. Very few sales fall through after exchange so lenders are usually happy to offer closed-bridge financing.
An 'open' bridge is taken out by buyers who have found their ideal property but may not have put their existing home on the market. A bank will ask lots of questions and want supporting information. It will also insist on you having lots of equity in your existing property.
If you require more details on how Bridging Finance could help you please fill in the simple call back form and one of our advisors will call you back to discuss your options.
