Bridging loan UK: Making a financial bridge for you
By Peter Taylor
Nowadays, property transaction has become so common in the UK. Many people in the UK are buying a new property by selling their present ones. Are you planning to purchase some property in the same way? Can you manage the two things simultaneously? If you are in doubt about this, you can get the assistance of the bridging loan UK, which will make your property transaction easier and smoother.
The bridging loan, available in the UK, is a sort of secured loans. So, the requirement of collateral is a must to avail the loan amount. Usually, borrowers in the UK use their new purchasing property as collateral against the lending amount. Any sort of property including housing or auction property, commercial property, retailing shops, overseas property can be used as collateral.
In a bridging loan, the value of the property plays the main role, not the purchasing price of the property. With this loan, a borrower can avail the amount ranging from £25,000-£500,000. In case of a higher amount, the equity of the property is checked. Nevertheless, in the UK, a borrower can avail up to 75% of the property value as a bridging loan.
A bridging loan is mainly a short term loan. So the repayment period of this loan varies within a few weeks to six months. One also can expand this period up to 2 years. During the term period, borrowers need to pay only the interest rate and the principal amount can be repaid after selling the property. And incase the loan is matured before selling the present property; the loan will be transferred into general loan automatically without charging any penalty.
For a UK borrower, a bridging loan can be advantageous in many senses. Let's check the advantageous attributes of the loan.
With a bridging loan UK, a borrower can get the assurance of easy finance. This loan assures borrowers to get the finance within 24 hours.
A borrower with a bad credit score can also get the benefit of this loan.
About the Author
Peter Taylor is a senior financial analyst at 24hrbidgingloan with an acumen for finance and
insurance.To find 24hr bridging loan, bridging loan uk,24hr bridging loan uk, best bridging loan, bridging high loan, bridging loan open, bridging loan short term uk that best suits your need visit
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