If the client has a deposit available which can be used towards purchasing the new house, then bridging loans can simply be used to make up the difference and be repaid when the current property is sold.
In this way a bridging loan can be used for 100% of the new property purchase price and as bridging loans are rarely dependent on a client's income, should the client have a mortgage and bridging loans at the same time this will not alter affordability or ability to make payments.
Fast short term finance - Residential property purchase, Buy to let, auction and capital raising
Property development - Bridging loans can be used to raise funds required to finance the property
Maintaining Sale chain - When a property purchase is being planned from the sale of other property, and sale is not completed at that time of purchase, short term bridging loans can fill up the space. So that you can proceed without any gap. You can repay the bridge loan from the sale of the property.
Renovation, conversion and refurbishment - Due to poor condition of the property, it becomes unsuitable for mortgage purposes, bridging loans can be secured against that kind of property which helps the landlords to renovate or convert and then sell it.
Repossessions Prevention - If a property is about to be repossessed, a bridging loan can be used to pay off the debt and prevent the repossession.
Mortgage Compare Limited is a national UK Mortgage Broker, who research from the whole of the Market to find you the Best Mortgage in UK. We have qualified professional advisors, with dedicated processing teams who will see your mortgage through from initial application to completion. We analyse the market to give you ONLY the Best Mortgage Offers. Whether you are a first time buyer, looking to remortgage or even purchase a buy to let property, our aim is to save you money!
Mortgage Compare Limited is bound by the Data Protection Act of 1998, and information provided by you will be held, processed and used by ourselves, professional advisor and any associated companies in servicing our relationship with you, however strict confidentiality will be maintained at all times.
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Mortgage Compare Limited which is authorised and regulated by the
Financial Conduct Authority.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
See our website for our terms and conditions.
Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority
Adverse Credit - The overall rate for comparison is 9.2% APR. The actual rate available will depend upon your circumstances. Ask for a Mortgage Illustration
Right to Buy Mortgages - The overall rate for comparison is 8.9% APR. The actual rate available will depend upon your circumstances. Ask for a Mortgage Illustration
CURRENCY MORTGAGES - CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING VALUE OF YOUR DEBT.
Mortgage Compare Limited is entered on the FCA register under reference number 600521, as a trading style of Mortgage Compare Limited , who are also registered under the FCA register under reference number 600521.