News from Bricks
Make House Moving Less Stressful With a Bridging Loan
For most people, moving housing is one of the most stressful things we ever do. It is also the most costly.
The whole process can be even more stressful if you are part of a sales chain, where you depend on the successful sale of your existing property to fund the purchase of your new home. Sales chains are perilous as they can take months to proceed and easily fail if one party in the chain falters. The bigger the chain, the bigger the risk.
Bricks Finance can help to ‘bridge the chain gap’ so that you can buy your new home without depending on selling your existing home at the same time in a sales chain. Another advantage of a bridging loan is that it can give you an overlap between your old and new homes, so that you have more time to organise your move. A few days makes an incredible difference.
Bridging loans can also be used if you buy a property at auction, where you’ll need the deposit money immediately and the balance soon after.
Generally, there is no fixed repayment date, but you will be expected to pay it off within a year. The lender will want to see evidence of a clear repayment strategy, such as using equity from a property sale or taking out a mortgage. They will also want to see evidence of the new property you are purchasing and the price you plan to pay for it, as well as proof of what you are doing to sell your current property.
Click the Contact us button for more information.
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Experience, standing by you
Founded in 2014 with over 90 years of combined property, finance and legal expertise, the Bricks Finance team help local people to access finance easily and quickly by offering bespoke lending using their own funds as well as those from investors.
