I need help with the bridging loan!
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scotti
Apprentice
Joined: 04 Dec 2006
Posts: 1
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 Posted: 03/10/08 - 07:02 Post subject: |
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| I have recently been looking to buy a property. I was thinking of buying a house. However, there are some problems regarding my budget since I still have not sold my previous property and I need that money for buying a house. It seems to me I will need a bridging loan. I would like to know whether it is a good option in the case I have no other options. Any kind of help would be very useful. Thanks in advance. |
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kippy
Apprentice
Joined: 03 Apr 2006
Posts: 1
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| Posted: 04/09/08 - 01:20 Post subject: |
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| Bridging loans are known for their very high interest rate (around 15%), and very short period of duration (no more than 4 years). That means, that the amount of money you have to return in short period of time is really large. However, if you expect to sell your property soon, and for a greater price than you will buy your next one, bridging loan could be a really good solution. If that is not the case, you might want simply to wait for your selling of the house and knowing with how much money you can operate. Best of luck. |
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