Bridging loan as it implies, allows a borrower to ‘bridge’ the time gap between the sale of their home and the purchase of another. This is particularly useful if the purchase property has to settle prior to the sale of the existing home. Lenders qualify your maximum borrowings based on the final debt after sale, whilst taking into account interest charges that will occur on the whole debt for six to twelve months. This is generally a more expensive form of financing and it is imperative you talk to one of our consultants to confirm suitability.
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