Now you can use a bridging loan deal from us to help you buy in Scotland.
Parts of Scotland currently represent an excellent investment as far as property is concerned. If you're in the process of building up a property portfolio, or you are interested in the opportunities that Scotland has to offer, you need to research the country's property laws carefully, as the process for buying and selling in Scotland is very different to the rest of the UK. Indeed, a bridging loan could save you a great deal of financial hassle.
How a bridging loan can help you buy Scottish property
The Scottish property laws are designed to protect the seller from last-minute delays or buyers pulling out of the sale. Properties are advertised at either a fixed price or an "offers over" price. If you are interested in a property, you will need to instruct a solicitor, who will arrange a survey and valuation, and deal with the estate agents on your behalf. You will need to have a survey before you put any offers in, so make sure you really are interested in the property.
Depending on the results of the survey, you can put an offer in. You solicitor will find out whether the seller is looking for a competitive offer, where you can bid any price for the property, or whether they are looking for a quick offer. Either way, your solicitor will need to submit your offer, and you will have to wait to hear whether it has been accepted or not. As soon as your offer is accepted, your solicitors will be sent all the relevant paperwork and, as long as you and your solicitor are happy about the papers and all related issues, your contract will be concluded. If you pull out of the contract after this point, you will be liable for severe financial penalties, including:
• Paying the costs for remarketing the property
• Any additional legal costs incurred by the seller
• Any other costs the seller incurs due to the failure of the sale
These financial penalties mean that you must be very sure you want the property, and you must have the means to pay for it. If you are selling a home in England, and your sale falls through, you still need to be able to go ahead with your Scottish purchase. In these circumstances, your best option is to arrange a bridging loan. This is much less expensive than paying the costs of the seller would be. A bridging loan from Faster Bridging Finance would guarantee that you have the money you need to complete the sale, and that you can make the most of the full market value of the property by remortgaging as soon as possible.
Faster Bridging Finance has developed a new approach to closed bridging loans that saves you time, money and hassle. Developed specifically to help those who invest in property occasionally or who have large property portfolios and want to be able to get cash out quickly, the service uses a dedicated mortgage broker and conveyancing solicitor so that there are no hold-ups, just a straightforward bridging deal. To find out more about how Faster Bridging Finance can help you, order your Free report now.