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Are Bridging Loans A Good Idea?
Many people ask are bridging loans a good idea, well that all depends on what you need a bridging loan for, certainly there are many instances when taking out a bridging loan is an excellent choice, it should be noted that bridging loans are only a short term solution whatever you need the loan for, with typical loan periods of up to one year in total.
There are also many instances where a bridging would be an excellent solution to a financial need, the general idea with bridging finance is that it covers a short term requirement for a cash requirement usually to buy or complete on a property, although they can also be used for a number of other reasons, in fact, any situation where you require cash quickly and a normal loan would not be available to you or in the time required, the idea behind bridging finance is that you offer security for the loan against a property that you are either purchasing or selling depending on your circumstance and cash required.
The lender will lend you money against the asset up to a predetermined value usually up to 80% loan to value although it can be as high as 100% loan to value where two properties are involved, loans can be arranged against both commercial, residential and mixed-use property although mostly they are secured against a residential property.
So is taking out a bridging loan a good idea? The answer to this question has to be yes as long as the loan for fills your requirement be that allowing you to buy a property or get access to capital tied up in a property already owned.
In order to find out the answer, it is always best to talk to a broker who can compare all of the available loans that you would qualify for and see what is your best option.
Contact us to go through all of the options that are available to you can use chat, our web form or give us a call any time day or night and at the weekend. Call Now 0800 138 6001
What Next about your Bridging Loan?
Contact us to go through all of the options that are available to you can use chat, our web form or give us a call any time day or night and at the weekend.
Are Bridging Loans A Good Idea?
Bridging Loan.co.uk is a trading name of Top 10 finance Ltd is authorised by The Financial Conduct Authority (FCA) no 725234 The FCA Think Carefully before securing debts against your home. Your property could be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. We are registered and comply with the Data Protection Act (1998). Registration No: Z2861884 Company registered in England number 06261373. Privacy Policy