Make Your Access to a New Home Easy

By: Anaya

Generally when a person sets an eye on a property, he has to take a lot of things in to consideration. The price factor is the primary one which should be given utmost importance. There may be a cash shortage when buying a property. If the individual wants to seal the deal quickly, then he has an option to avail the instant loan options.

There are loan plans in the UK loan market which can help to bridge the financial gap which arises while buying a new property and the borrower has not yet sold the existing property. These are short term quick loan plans and can be accessed easily. This loan is sort of secured loan as borrower has to place his existing home as security. On the basis of equity value of security, lenders approve loan amount. Under this loan scheme, the borrower is entitled to borrow an amount of ?100,000 and the loan amount can be further increased up to ?400,000.

Although bridging loans are secured in nature, the payable interest rate is slightly higher. This is because lenders approve the loan for a very short time period of 6-12 months. This loan can be availed for residential, commercial, semi commercial and industrial sites. As specified earlier, bridging loan is an excellent method of availing finances for those borrowers who are in need of quick cash. The loan gets approved within 3-4 days once the applicant fills the free online loan application form.

There are two types of bridging loans available in the UK financial market. They are open end bridging loan plans and close end loan plans. Open end loans are meant for those borrowers who have selected the property but have not sold the existing residential property. While close end loans are designed for those borrowers who have sold their existing property and the loan amount is available for a fixed time period.

Bridging loans offer a helping hand to the borrower in the form of quick finances to make the real estate deal a success. It provides quick finance to borrower and enables them to seal the property deal without any fuss or hassle. Apart from enabling timely purchase of property, these loans serve various other purposes as well. These loans can be used for temporary funding of a defective property till the borrower repair it. Businessmen can use these loans for overcoming a cash flow problem. The borrower can make an urgent purchase of a property at auction.

Home Loans
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