If you’ve got your eye on a new home, but you haven’t sold your existing property yet, a bridging loan could be the solution. This type of loan literally bridges the gap, enabling you to borrow money for a short period of time.
Enabling you to put down a deposit on another home while the sale of your home – or another transaction – goes through, bridging loans also provide an invaluable way to buy a house for cash at auction while your home is sold.
They are also a way to fund a renovation until you can remortgage and release equity to do the work or buy land to build on while you apply for a mortgage.
There are many reasons why you might choose an abridging loan, you just need to be clear on how they work, which is where we can help.
At Smiths Financial, we’ll go through all the options to help you find the right bridging loan for you, with simple, clear advice all the way.