subject: Bridging Loans Uk: Lucrative Funds Assist You To Clinch The Deal [print this page] There is no reason to be panicky, even if you are not having the funds required, while purchasing a new property. At a time, when you are on the verge of finalising the deal and at that moment, if you are short of the funds, it is quite natural to have some sort of insecurities. However, with bridging loans UK, you have a definite chance to get access to the required amount at a very short notice. This in turn will empower you to purchase the property of your choice, without having to face too many hassles.
Cheap bridging loans, as matter of fact, bridge the sudden monetary gap that comes up, while purchasing a new property and selling off the existing one. The approval of the loans comes quickly, which is definitely an added advantage.
These loans fall under the category of secured loans, where in you are required to pledge your existing property as collateral. The amount approved is usually in the range of 100,000-400,000, which is quite feasible, considering your prevailing circumstances. Even though, the loans are secured in nature, the repayment tenure is short and usually falls in between 1- 12 months. The reimbursement is large enough to provide you ample time, during which you can locate suitable parties to sell your current property.
The interest rate charged on the loans is pretty high, considering its short repayment tenure. However, you should remember that these are interest only loans and during the repayment tenure, you are only required to pay the interest rate and not the principal amount. So, it would be better if you undertake a detailed research of the market, prior to the availing of the loans. By availing a suitable loan deal, you will be able to save a lot of money.
For hassle free application of the loans, you can start by applying online. On comparing the rate quotes of various lenders, you will definitely access to good offers.
So, with Bridging loans UK you will never have to confront acute financial shortage.
