Bridging Loan to Purchase Property Abroad
Buying property abroad can be complicated, especially when it comes to borrowing money to make a purchase. If you need to sell a UK property to fund the purchase or take out a mortgage in the country where you are buying, this can slow things down meaning you miss out on the property you want.
A bridging loan can make things much simpler. This allows you to quickly secure a loan on your UK property, giving you the money to buy your new overseas property straightaway. You can then sell your UK property at your own pace to repay the loan, or take your time applying to a mortgage in your new country.
Reasons to use a bridging loan to purchase property abroad
Bridging loans can often be arranged within just days and usually last for up to 18 months. This makes them perfect when speed is required to complete a purchase and when you need to buy yourself time to arrange your long term funding.
Applying for a bridging loan for property abroad secured on a UK property
You will normally need to use a UK loan broker to take out a bridging loan secured on a UK property. Bridging loans tend to only be available from private banks and lenders and dedicated subsidiaries of high street banks, all of which normally only offer their loans through intermediaries.
By using a UK broker, you can ensure that they are covered by the Financial Conduct Authority (FCA) meaning you should be able to get compensation if they give you bad advice which ends up costing you money.
Find the best interest rates on a bridging loan to purchase property abroad
To find the most affordable interest rates and fees on bridging loans for property abroad, try our free bridging loan calculator. The calculator makes it fast and easy to find the best deals on bridging finance from across the market, saving you time and money.
Looking for a bridging loan to purchase property abroad? Get in touch with our friendly expert team of loan brokers using the contact form on the right or by calling 0117 313 6058.