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Bridging loans

If you are in a chain, where you are buying a home at the same time as selling a home, it's possible that you'll be put in the situation where you need to complete your purchase, but the funds from your buyer are not present. At this time, the vendor may threaten to accept someone else's offer unless you complete at a certain date. Without the proceeds from your home's sale you would have nowhere to turn. This is where the bridging loan comes in.

The amounts are borrowed generally for periods from a week to up to six months.

Sometimes it may be necessary to obtain bridging for your 10% deposit for your new home in situations where all your equity for your move is tied up in your existing property. Lenders don’t usually have a problem with this. Difficulties can arise when bridging is required for the purchase of your new home where there is no contract in place for the sale of your existing property.

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Variable rate warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home. The payment rates on this housing loan may be adjusted by the lender from time to time.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Fixed rate warning: You may have to pay charges if you pay off your fixed-rate loan early

Interest only warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period

Debt consolidation warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term

Endowment loan warning: There is no guarantee that the proceeds of the [Insurance Policy / Pension Policy] will be sufficient to repay the loan in full when it becomes due for repayment