How To Buy A House Before Selling Your Current Home

How To Buy A House Before Selling Your Current Home

A bridging loan can provide you with a solution to help you buy a property, particularly when you are up against the clock.

Selling your home before you buy

In an ideal world having your current house sold before you make an offer on a new property puts you in a strong position. The seller you want to buy from is almost certainly going to give preference to a buyer who has the cash in the bank (and/or a pre-approved mortgage) rather than someone in a mortgage chain.

The reality is that when you find your ideal new home you are often yet to sell your home. Selling a house takes time and time is often not on your side when you are competing with others for the same property. 

Using A Bridging Loan To Secure Your New Home

The challenge then is how do you beat the competition to make sure you get your new home when you have not yet sold your current house. There is a solution and it is called bridging finance.

What is a bridging loan

Bridging loans are a specialist kind of loan designed solely for short term usage to provide a temporary cash flow solution or ‘bridge’ before additional permanent finance becomes available. This type of finance can be ideal when the clock is ticking and where funds are needed quickly.

The process for obtaining bridging finance is generally straightforward and really versatile with a more flexible set of criteria than is usually required by most high street banks and mortgage lenders.

Like a mortgage, a bridging loan is secured against property or asset with the typical loan to value in the region of 70% however up to 100% bridging is possible if there are other assets that can be used in the background.

Bridging finance can often be arranged quickly. typically 10 to 14 days, but in some cases quicker if funds are needed urgently.

To discuss how bridging finance could work for you, speak to our team today on 0117 313 6058 or complete our callback form.

Our Service For Bridging Loans Between A House Sale & Purchase

Special features of what we offer include:

• Bridging finance - from £25,000 to £10 million

• Quick finance - Cover short term liabilities such as auction property purchase, tax bills and where speed is critical to making things happen

• Term - From 1 month to 3 years

• Interest rate roll up schemes

• Whole of market service - as a broker we work directly with UK bridging lenders

• Lowest Rates - Access to leading bridging loan deals

• Fast turnaround - speak to us today if you need to move quickly. 5 to 7 days possible.

To investigate your bridging finance options call our broker team on 0117 313 6058 or fill in our call back form.