Picture this, you're selling your old home and whilst search the property pages on the internet, you find it. Your new home. Trouble is, the seller has already received several enticing offers. The house is exactly the type you wanted. That house has to be yours. But you encounter a problem. There's a significant deficit between the price you're selling your old home at and the mark up on the new one, which you want to buy. The bank won't increase the mortgage they're handing out to you and you've exhausted all your other liquid assets. What do you do?
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Apply for a bridging loan.
A bridging loan exists in the capacity of covering the shortfall, which may arise between the sale of your old property and the purchase of your new home. It can also help as a vehicle in situations such as where a person buys a property at an auction and the bank cannot arrange a mortgage quickly enough. A bridging loan can help to plug the gap. Also a bridging loan can be a lifeline where someone needs to renovate a home as quickly as possible and has to wait for their mortgage application to be processed and accepted. And finally a bridging loan can allow someone to smash through waiting times and red tape and purchase an investment, whether that be a car, home or something else immediately.
Most lenders will charge anything between one to two percent per month. And the length of bridging loan usually varies between three and six months. Although some lenders may extend the loan period to over six months.
Questions to ask when purchasing a bridging loan
First and foremost people should carefully research the lender you are intended to apply for a bridging loan with. Many lenders based on the internet, exist solely in cyberspace, and are nothing more con-operations, running large nets intended to snare the desperate, and un-savvy consumers who stumble into their grasp.
Once people have finishing checking out the lender and before applying for the loan, they should not be afraid of asking pointed and direct, questions about the product, which they are purchasing. If at any stage, you feel the answers you are getting back are unsatisfactory or the company which you are dealing fails to meet your standards, cancel any agreement before you sign the contract.
A good trick would be to string out the application period for as long as possible, if you can afford to do so.
If you reach the stage of being happy with the loan being offered, the lender and the contact has been checked by a barrister, proceed with the bridging loan and hopefully the chasm in your finances should be covered over.
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