Bridging Loan for Home Purchase in the UK


Bridging Loans – the revolutionary loan which offers you instant money at very high-Interest rates to be repaid within a very short period of time.

These loans are obtained in spite of their very high-interest rates because they offer instant money to seal a bigger deal, without much background checks.

Usually Bridging Loans are obtained for the purchase of Residential Property in the UK.

You should take a look at the following factors before you obtain a bridging Loan from any lender if you are planning to take one from a lender.

  • The Usual Cause - Bridging Loans are usually taken when you need money to move to a new house so that you can sell your existing house. You are pretty sure that you can repay the bridging loan as soon as sell your old house. In order to sell your old house, you need to move to a new house and clean, paint and repair your old house. All these require a lot of money. So this has been the most common reason to get a Bridging Loan for Home purchase in the UK.
  • Types – Usually there are two types of Bridging Loans for the Home Purchase in the UK. The Closed Bridge is the ones in which you are supposed to pay back within a certain date. The other type called the Open Bridge does not mention a specific Repayment date. You can continue to possess the money until you seal the bigger deal. The open Bridge is a really flexible option but has got higher Interest rate than the Closed One.
  •  Time of Supply – Bridging loans are the fastest loans that could be availed from a lender without much Background checks and other stringent formalities. They help you seal a big deal within a very short period ranging between 3 working days to 3 Weeks. Although the interest rates for Bridging Loans are higher than the normal loans offered by banks, they are preferred because of their faster time of supply.
  • The Other Side of the coin– Bridging Loan is one of the costliest loans on the planet. Failure to repay the Bridging Loans would attract a lot of penalty because of the higher interest rate and the Interest amount might become as high as the loan amount within a few weeks after the deadline. So go for the bridging loans only if you are sure of paying back within the Repayment period. Also, there are a few factors you need to inquire about the Bridging Loan Lender before you select the right bridging loan lender.
  • The Filters – There are a lot of Bridging Loan lenders in the UK, who offer you instant money. Bridging Loans are never the long-term solution to your financial problems. They are just the short-term fix for your problem. The Best Bridging Loan lenders offer you a very good exit strategy. Also, you need to inquire about the Cost of Renewal just in case you are not able to seal the bigger deal. Bridging Loans have become very common nowadays, especially in the field of property.
Bridging Loans are some of the easiest loans to obtain and the toughest loans to repay if you are not able to seal the bigger deal within the repayment period. So go for it only when you are sure of the path you have chosen.


Comments

  1. This comment has been removed by the author.

    ReplyDelete
  2. This comment has been removed by the author.

    ReplyDelete
  3. It was nice read. Leo, Can you tell me? What will be the interest rate of bridging loan?

    ReplyDelete
  4. It was nice and interesting to read and it is very useful for the people who are looking for loans in UK ,Thanks for sharing. loans for bad credit no guarantor is the suitable type of loan if you have a low credit score. Get these loans easily without a warrantor. I got 5000$ with instant approval if you are in a need come to us.

    ReplyDelete
  5. Hi Leo - could you drop me a mail when you get a chance please? Want to pass something by you. Cheers

    novellusbridging AT gmail dot com

    ReplyDelete
  6. Nice post . GCC Home Loans offers industry leading experience in facilitating residential bridging loans, For Residential Bridging Loan call our experts today at 02 8355 1880

    ReplyDelete

Post a Comment

Popular posts from this blog

10 Brilliant Bridging Loan Companies You Must Contact