Bridging Loans

This is an expensive way of borrowing and a bridging loan is normally applied for when faced with a temporary cash shortfall. Many people apply for them when buying a second property before the sale of the original has been successfull. These loans are expensive and should be paid back within a short time frame, six months at the latest. If you require one to pay for a second mortgage before you have sold the first property the lender will usually allow the loan to be of up to 65% of the value of the properties less any existing mortgages.

A standard loan amount is between £25,000 and £500,000 although their are lenders who will lend larger amounts if required. The interest rate would normally be set, and referred to in terms of a percentage per month. As with most financial products the interest rate will be higher if the borrower has a bad credit history. Funds are often required at short notice if a property is bought at auction. It is possible to apply to a high street lender but many people prefer to go through a specialist who would be willing to lend on a non status criteria and be able to process the application a lot quicker than at a bank.

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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