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Bridging Loans For House Purchase bridging loans and finance are used for the purchase of a house, this could because want to buy a house for for refurbishment or development and you could not get a traditional mortgage, as a mortgage company will not offer a mortgage on an uninhabitable property, you would utilise the bridging loan to purchase the house, carry out the refurbishment and then once complete arrange a standard mortgage to replace the bridging finance, you would also use this type of loan if you wanted to buy a property before you have sold the one you already have, it could be that you have seen a property you want to buy cheap and need to act quickly in order to secure the purchase, because a bridging loan can complete in as little as a few days you become a cash buyer and do not have to prove to the vendor or selling agent that you have a sale on your own house and or that you have a mortgage offer in place for the purchase, this also gives you far more leverage on the price you offer as the vendor will know that you are not reliant on getting a mortgage to make the purchase, the seller also knows that a quick sale can be made.
A Bridging loan for house purchase can also be used to unblock a property chain if one of the sellers pulls out or cannot get a mortgage in place then the whole chain will collapse with the possibility that none of the sales will go through, the bridging loan is put into place at short notice and allows all of the transactions to complete, once this happens the bridge is paid back and a mortgage put into place for the long term.
Bridging loans for house purchase are also used if you are buying a house at auction then the term for completion is 28 days from the date of the auction, no mortgage can complete in such a short space of time so the bridging loan is used in the first instance to complete the transaction, leaving you time then to put into place a mortgage, these loans are only ever used as short term and a typical loan is paid back within 12 months
UK Bridging Loans are one of the UK’S leading bridging loan brokers and can search all of the loans on the market to source the perfect deal for your circumstances.
Contact us now to discuss your proposal and we can assure you of the very best advice and service, call us now 0800 138 6001 or use the contact form on this page to compare loans.
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