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Don't want to miss out on your dream home while waiting for your current property to sell? A bridging loan can provide the funds to purchase the new property quickly. This removes the pressure of being in a lengthy property chain and gives you breathing room to achieve the best possible price for your existing home. Once your old property sells, you can then repay the bridging loan.
Auction purchases require immediate payment, typically within 28 days. Traditional mortgages often take too long to arrange. Bridging finance is ideal for auction buys because it can be secured rapidly, ensuring you meet the strict completion deadlines and don't lose your deposit or the property itself.
Looking to buy a property that's currently uninhabitable or requires significant renovation before it can be mortgaged, a bridging loan can help. It can fund the purchase and the renovation costs. Once the works are complete and the property's value has increased, you can then refinance onto a standard mortgage to pay off the bridging loan. This is a popular option for property developers and 'fixer-upper' projects.
Property chains can be notoriously fragile. If a buyer pulls out unexpectedly, it can jeopardise your own purchase. A bridging loan can step in to "break" the chain by providing the funds you need to complete your purchase, even if your sale has fallen through. This gives you time to find a new buyer for your property without losing the one you want to buy.
Bridging finance can be a crucial tool for acquiring land quickly to secure funding the initial stages of a development project before more comprehensive development finance is in place. Its speed allows developers to act fast on opportunities that might otherwise be missed.
Beyond property, bridging finance can sometimes be used to meet other urgent financial obligations, such as unexpected tax bills or business opportunities that require immediate capital. If you have significant equity in a property, a bridging loan can unlock this value quickly to address pressing financial needs, with the property acting as security.
Services that might benefit you....
Gloucester Mortgage Centre are authorised and regulated by the Financial Conduct Authority, FCA registered (http://www.fca.org.uk/register) under reference 300783.
The Financial Conduct Authority does not regulate Buy to Let Mortgages.
Gloucester Mortgage Centre may charge a fee for arranging your mortgage. Typically £495, the actual fee will depend on your circumstances.
Your home may be repossessed if you do not keep up with the repayments on your mortgage.
Information contained within this website is subject to UK regulatory regime and is therefore targeted at UK consumers.
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