Bridging loans

tyler1

Can anyone please tell me the "in's and out's" of a bridging loan and the best place to get one!

Cheers.

jonesMUFCforever

In's - it lets you complete a transaction without you having to have sold an asset.

Out's - it costs an arm and a leg in arrangement fees and interest, You have two monthly repayments to meet (interest on bridge. and repayment presumably on second property).

Have you sold your property (I take we are talking property here!) if so what stage are you up to? Have you exchanged contracts and have a completion date. This would be a closed bridging loan as you know for (fairly) certain the start and end date for working out the interest payable on a loan.
A non closed loan is not so freely available unless you can show that you can meet repayments on both properties until such time as one is sold.
The best place probably is wherever your existing mortgage is as they will know your credit history and will already have a full charge over the property you are wanting to sell.