A bridging loan as the name implies is a loan used to "bridge'
the financial gap between monies required for your new property
completion prior to your existing property having been sold.
Bridging loans are short term loans arranged when you need to
purchase a house but are unable to arrange the mortgage for some
reason, such as there is a delay in selling your existing
property. The beauty of bridging loans is that a bridging loan
can be used to cover the financial gap when buying one property
before the existing one is sold A bridging loan can also be used
to raise capital pending the sale of a property.
Bridging loans can be arranged for any sum between £25000 to a
few million pounds and can be borrowed for periods from a week
to up to six months. A bridging loan is similar to a mortgage
where the amount borrowed is secured on your home but the
advantage of a mortgage is that it attracts a much lower
interest rate. While bridging loans are convenient the interest
rates can be very high.
Finding a Home Loan with Bad Credit
Finding a home loan that is affordable when you have bed credit can seem nearly impossible and can be very frustrating. However, there are lenders out there who will approve your home loan regardless of your credit history. Yes, there will be some...read more
The other faces of Loans
People often perceive loan as a negative thing. To be in debt is
seen as not only having no money but also a desperate attempt to
have money. What people do not realize is that owing somebody
money is not necessarily a bad thing. It is what...read more
Getting a car with a UK Secured Loan
People need wheels. Itís a fact of life, just like taxes! We need a car to get back and forth to work so we can earn a living to put food on the table and a roof over our heads. Itís a vicious circleÖ and itís all dependent on a car. Do you have...read more