Bridging Loan

[djtdjt]

Just wondering is bridging loan as easy as it sounds? If the property is vacant that I wish to purchase can I borrow that amount to purchase, then repay when I sell mine?

[barry1010]

Yes, but check the interest rate, it is usually high as there is not a fixed end to the loan. It could be days or many months before your property is sold.
Bear in mind the additional costs of owning two properties as well.

[ubasses]

Bridging finance is normally at a higher rate and with an arrangement fee. However, the one thing Banks do not like is an open ended proposition, if you had exchanged on your property and were just waiting for completion they would be much more receptive

[erickmansfield]

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