Bridging Loans for Property
Bridging loans are a type of short term finance commonly used to buy property. They are particularly popular for property purchases in London and for property renovation projects.
You can usually take out a bridging loan for up to 18 months, although some lenders will also offer longer loan terms depending on the situation. One big advantage of bridging loans is they can often be accessed in a matter of days, making them ideal when speed is a priority.
Types of property purchases bridging loans are used for
There are several types of property deals where bridging finance is commonly used.
- Buying property at auction (where there is usually a 28 day deadline to complete the purchase)
- Property renovation projects (where the property will not be mortgageable until the work is completed)
- Buying a new home before your old one has sold
- Buying a retirement home
Bridging loans can also be used for a wide number of other types of property deals. If you think a bridging loan could help with your property purchase, it is worth consulting with a loan broker to find out which lenders are most likely to be able to help.
Applying for a bridging loan to purchase property
Bridging loans tend to be offered by private banks and dedicated subsidiaries of high street banks. This means they are generally not available direct to the public and must be accessed through intermediaries such as loan brokers.
A good loan broker will be able to help you quickly find the best interest rates and fees on bridging finance, doing the hard work of finding finance for you.
Compare bridging loans for property
Our free bridging loan calculator offers a quick and easy way to compare bridging loans for buying property from all the leading lenders. That way you can find the money for your property purchase at the most affordable rate.
Looking for bridging loans for property in London or elsewhere? Get in touch with our friendly expert team of loan brokers using the contact form on the right or by calling 0117 313 6058.