Bridging Loans - Use The Cash Now And Repay It Latter
A need can emerge any time
A need can emerge any time. For instance, you want to buy a new house, but you do not have enough amounts of cash. You cannot get the requisite amount by selling your old home as its buyer will take time. Bridging loans can make money available to buy the new property.
These plans are exclusively designed for the UK residents to cover the fiscal gaps. As the name suggests, these plans fill the gap between buying and selling of a property. They facilitate you to buy a new property prior to selling the older one.
These plans are usually secured from your old property so you do not need to provide anything to get the amount. You property ensured the lender that his money is in safe hand.
These plans propose any amount ranging from 25,000 to 5, 00,000. Usually, you can avail the amount up to 65% of the property that you have offered as a security. You can get the loan of higher amount if you can show your lender that you are capable of repaying the loan on time. These plans are given for a short term which varies from 2 weeks to 12 months.
Be ready to pay higher interest rate so it is better if you go for bridging loans only when you can pay back the loan within 6 moths. These plans are also available for adverse credit holders if they can show their credibility.
There are various lenders in the finance market who can give you these plans. However, look for experienced lenders who can provide you the best deal at affordable rate and terms. You can search for lenders with the help of internet too. You can easily compare various online lenders to get the best and suitable deal any time according to your comfort.