After having searched a lot, you spotted a plot that seems to serve your purposes in a better way. And at the same time you are willing to sell your current property before buying the new one. But you hold back your decision of buying the property due to the lack of funds. Such hurdles can now easily be surmounted by considering bridging loans. Bridging loans are short term loans intended to support monetarily land owners in buying a new property.
Bridging loans are secured form of loan. To avail the loan amount or approve it property owners have to place collateral for the time being. It is a loan best suited to meet short time financial insufficiency while purchasing property. The loan amount offered under bridging loans starts from ?1,00,000 to ?4,00,000 with easy repayment options. The reimbursement tenure is basically short term and limits to 12 months from date of approval. Within the stipulated duration, applicants have to sell the existing property and payback the loan.
Bridging loans are arranged for persons of both good and bad credit holders. If your credit profile has been hit by any of the following bad credit tags, like bankruptcy, CCJs, arrears, individuals and companies, defaults and correspondingly, you are still eligible for borrowing the loan amount. Bridging loans are opportunities for good as well as for bad creditors to purchase property without having adequate finance.
Low and attractive interest figures are offered with the bridging loans. Moreover, having a reliable credit history might favour applicants to avail low interest rates. Comparing the quotes is also an easy method of procuring marginal rates.
As in cases, it is seen that applicants always look for the fastest approval route while applying for bridging loans. So, if you opt for online application method you can derive approval results within less time than traditional approaches. Applicants should always enclose data accurately while filling the application form or else approvals might get delay. So, be smart to grab the opportunity and purchase the property you are looking for with the aid of bridging loans.
