Bridging Loan for Pensions
Bridging loans offer a fast, flexible way to borrow large amounts of capital for homeowners. Bridging loans are often used by pensioners who need short-term finance to help them with their retirement plans and other expenses.
Bridging loans usually come with the possibility of loan terms up to 18 months and can often be accessed in as little as a few days, making them a great choice when speed is required.
When to use a bridging loan as a pensioner
One of the most common reasons for pensioners to use a bridging loan is for downsizing. Many pensioners who own their own home choose to sell up and move to a smaller property, more appropriate to their needs and a bridging loan can help to facilitate this.
Using a bridging loan, pensioners can buy a new smaller property before selling their current one, allowing them to secure the ideal new home when they find it. It also allows more time for the move, resulting in a smoother, less stressful transition.
Pensioners also frequently use bridging loans to provide a temporary solution for paying care home fees. They are often used where the plan is to sell their home to cover the fees but they want to buy more time to make a more advantageous sale.
How to get a bridging loan for pensioners
Bridging finance is usually only offered by private banks and lenders or by subsidiaries of high street banks. All of these options are usually only available through intermediaries e.g. loan brokers;if you want to apply for a bridging loan as a pensioner, you will usually have to do so through an FCA-regulated bridging loan broker.
Compare bridging loans for pensioners
Our free bridging loan calculator makes the process of finding a bridging loan as quick and simple as possible for pensioners or any other type of borrower.
All we need is some basic details about your borrowing needs and financial situation, then we can match you up with the most attractive deals from across the market to help you find the money you need at a fair price.
Looking for the best deals on bridging loans for pensioners? Get in touch with our friendly expert team of loan brokers using the contact form on the right or by calling 0117 313 6058.