Few things are more stressful or upsetting than finding your dream home and finding that it is out of financial reach through no fault of your own. Bridging loans are coming to the rescue of thousands of homeowners across the UK.
Bridging loans are essentially utilised when an individual has a short term requirement for a large amount of money; most typically for the purchase of a house prior to completion of sale on their own property. This type of loan comes to the assistance of thousands of homeowners each year who find their dream homes only for their hopes to be dashed as a result of their own property not selling and the property chain remaining stagnant. In this situation, bridging loans are able to provide the shortfall of cash until the property sells at which point the loan can be repaid.
Bridging Loans – Short Term Solution
The use of bridging loans, particularly with the property market's current state in mind, are becoming ever more utilised by homeowners looking to upsize their properties but find themselves restricted by the current lack of buoyancy in the housing sector. The credit crunch has had wide-reaching implications on the economy and the property market is no exception and, as such, bridging loans are often considered to be the ideal short term solution to ensure that you don't miss out on a dream property. Generally speaking, bridging loans allow you to borrow around 85% of the value of the property but this varies from lender to lender.
Bridging Loans – Speed is of the Essence
When it comes to property purchases, you often have to move quickly to ensure that you don't miss out on a purchase which is why bridging loans have been increasingly utilised during 2008. In a housing market that has experienced a dramatic slowdown of late many homeowners are caught in the catch 22 situation of wanting to move home and having the requisite finances in place but are being held back by their own property not selling. In circumstances such as this, bridging loans are often the ideal resolution.
Looking for Bridging Loans? Speak to Faster Bridging Finance
Faster Bridging Finance has developed a new approach to commercial 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, call us on 01908 423717 or email finance@fasterbridgingfinance.com.