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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. 

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A Bridging Loan for House Purchase

Bridging Loans For House Purchase bridging loans and finance are used for the purchase of a house, this could because want to buy a house for for refurbishment or development and you could not get a traditional mortgage, as a mortgage company will not offer a mortgage on an uninhabitable property, you would utilise the bridging loan to purchase the house, carry out the refurbishment and then once complete arrange a standard mortgage to replace the bridging finance, you would also use this type of loan if you wanted to buy a property before you have sold the one you already have, it could be that you have seen a property you want to buy cheap and need to act quickly in order to secure the purchase, because a bridging loan can complete in as little as a few days you become a cash buyer and do not have to prove to the vendor or selling agent that you have a sale on your own house and or that you have a mortgage offer in place for the purchase, this also gives you far more leverage on the price you offer as the vendor will know that you are not reliant on getting a mortgage to make the purchase, the seller also knows that a quick sale can be made.

 

Why you would use a bridging loan instead of a traditional mortgage.

 

Buy a property quickly.

 

To buy the property quickly, a traditional mortgage can take months to put in place if you don’t have time for this. A bridge loan is a perfect solution as they do not require all of the background checks that a mortgage would need.

 

Buying at Auction.

 

If you buy at auction most of the time you will need to pay the full balance within 28 days, this is where bridging loans are perfect as you can complete in this time frame for up to 12 months and then put a mortgage in place to pay down the loan on the house you have purchased.

 

A house in a poor state of repair.

 

Often estate agents will offer houses for sale that are in a poor state of repair or uninhabitable, these would not qualify for a mortgage as lenders what the property in an easy sale condition, the agent will then offer the house as cash buyers only, this is a perfect situation for bridging loans as lenders only require that the house is worth the amount agreed and they are not interested in the condition, utilise the bridge you make the purchase then refurbish and either sell on at a profit or take a mortgage out to repay the bridge loan.

 

A House refurbishment.

 

Many developers use bridging finance to buy run-down houses and then do a full or partial refurbishment before selling on at a profit.

 

A Bridging loan for house purchase can also be used to unblock a property chain if one of the sellers pulls out or cannot get a mortgage in place then the whole chain will collapse with the possibility that none of the sales will go through, the bridging loan is put into place at short notice and allows all of the transactions to complete, once this happens the bridge is paid back and a mortgage put into place for the long term.

 

Bridging loans for house purchase are also used if you are buying a house at auction then the term for completion is 28 days from the date of the auction, no mortgage can complete in such a short space of time so the bridging loan is used in the first instance to complete the transaction, leaving you time then to put into place a mortgage, these loans are only ever used as short term and a typical loan is paid back within 12 months

 

Top 10 Finance are one of the UK’S leading bridging loan brokers and can search all of the loans on the market to source the perfect deal for your circumstances.

 

Contact us now to discuss your proposal and we can assure you of the very best advice and service, call us now 0800 138 6001 or use the contact form on this page to compare loans.