Bridging loans UK are specifically designed for the UK residents to cover their financial gaps. These loans enable the UK residents to carry on the financial transactions for buying and selling of a property smoothly. They make the process of purchasing a new property prior to selling the older one easier. Bridging loans are always secured against residential and commercial property.
Through bridging loans UK, a borrower is set free to apply for any amount ranging from ? 1,00,000 to ? 4,00,000 for a maximum period of 12 months. This amount may vary with the borrower's repayment ability, income status and the value of collateral placed.
Bridging loans are of two types open and closed bridging loans. The open ended bridging loan is availed to a borrower when they might have found their ideal property, but the sale of their existing property is still pending.
These loans require a borrower to place a large amount of equity in their existing property. While, a closed bridging loan is applied by the borrowers in the situation where they have purchased a new home and sold the old home. However, in this case you may have not received the proceeds so far.
Bridging loans UK are friendly as the borrower can easily avail them and also enjoy all its benefits. These loans include the advantages of low interest rate, fast processing and approval, huge amounts, payment holidays, easy repayment terms and flexible conditions. Thus, bridging loans cover the entire financial crisis faced during property transactions.
0 komentarze:
Post a Comment