Different lenders accept different security and offer different terms so having an experienced broker on side is very important. Security which could be accepted can includes, your home, buy to let property, commercial property or even land. Therefore, it may not be necessary to repay the mortgage. Remember bridging loans are available as a second charge loan as well as a first charge mortgage. These loans tend to have higher interest rates than traditional mortgages and require a different application process. Bridging loans are often used by property developers and investors to finance the purchase and renovation of properties, as well as by homeowners who are looking to move to a new home before their existing property is sold. The loan is secured against the existing property and is typically used to help fund the purchase of a new property before the existing one is sold.
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