Bridging Loans - Smooth Plan For Property Matters
Everyone faces the situation when he wants to buy a new property
, but he cannot do so because the person who is buying the old property is not able to give the entire amount in a day. Bridging loans are designed for these situations where you get some cash help to buy the new property. These schemes provide a solution of this kind of tricky situation.Features:
These plans are secured and youll have to place collateral against the amount. These plans are short-term that facilitate you bridge the monetary gap that occurs during sale or purchase of property.
These plans are secured. It means you have to provide your old or new property as a security while taking the loan. It is very convenient way to get the cash for buying the property.
With these plans, you can avail an amount ranging from 100000 to 400000 with repayment duration of 1 - 10 months.
These plans are approved very simply and in very short period of time. These plans carry slightly higher rate of interest compared to other loans, this is because these plans are short-term cash support.
These plans can also be availed by borrowers having poor credit history due to arrears, defaults, CCJ, IVA, insolvency, etc.
Bridging loans offer convenient way to get the cash and for this, you have to satisfy some conditions and that are:
Applicant must be citizen of UK.
He/she should be 18 years old or more.
He/she must have permanent income source.
He/she must have a bank account.
Applying procedure:
Lenders offer online procedure that is fast and come with fewer formalities. Lenders provide online application form that you need to complete with some general information. Lenders verify the form and approve the cash.
by: jack russale