If you own your current home outright, the bridge is a "first charge." If you still have a mortgage, the bridge is a "second charge," which is typically more expensive because the mortgage lender gets paid first if the home is repossessed. Guide: How to Buy a House with a Bridging Loan
These have a fixed repayment date, usually based on a finalized sale date for your old property. bridging loan to buy house
A bridging loan (or "bridge loan") is a short-term financing tool used to "bridge" the gap between the purchase of a new property and the sale of an existing one. It provides immediate cash flow, allowing you to secure a new home without waiting for your current house to sell. If you own your current home outright, the
Bridging loans are against property, meaning your home acts as collateral. They typically last between 3 and 12 months , though some terms extend to 3 years. It provides immediate cash flow, allowing you to