Short term finance to bridge the gap between the sale of one property and the purchase on another.
Specialist "closed" bridging loans describe when a short term finance solution is required to aid the purchase of your new home, whilst you await the competition of your existing home. This provides the lender with assurance that the loan will be repaid in a short period of time.
Bridging loans normally run for 6 months and generally, you are only charged for the amount of time it is used for. For example if you sold your house after 2 months, you would only pay for the bridging facility for those 2 months.
Due to the nature of this type of finance, it is important that you speak to one of our mortgage experts at the earliest opportunity. Typically, this type of finance is required quickly so selecting the most appropriate lender who can work at the speed you require is imperative.