BRIDGING LOANS

IS BRIDGING RIGHT FOR YOU?

Bridging loans ‘bridge’ the gap between the purchase of one property and the sale of another or the disposal of an asset. A bridging loan may help if you are purchasing a new property and need to complete before you have secured a buyer for your own home.

There are two types of bridging loan:

Open Bridge: This is where there is no specific date by which the loan will be repaid. Most bridging loans are open. These are typically taken by borrowers who want to purchase a property before they have secured a buyer for their current property and do not yet know when the sale will take place.

Closed Bridge: This is where the date the bridging loan will be repaid is known at the beginning of the loan period. These are typically very short-term loans and occur when the sale date of another property is already agreed, but there is a need to purchase the new property earlier.

We provide bridging loans for borrowers who require a longer-term mortgage on the property being purchased. For details of our bridging loan products, please call us on 01228 403141 or book an appointment online at your nearest branch.