Bridge Direct 0During the mid-2000 when the financial crisis hit, we saw the banks immediately reduce the amount of money they would lend and to whom they would lend it to. This led to a significant fall in the number of mortgages being arranged.
Since then many other financial options have become available to address this issue and these have recently grown in popularity.
One of these solutions is a bridging loan. Home buyers are becoming more aware of the advantages of using a bridging loan to fulfil their dream of house ownership. This has resulted in a huge increase in the use of this type of loan to finance both residential and commercial purchases. Existing home owners can be at a disadvantage if they have to sell their property before they can secure their new dream house. They can be forced to sell their existing house at a reduced price in order to complete the purchase of their dream house.
Bridging loans provide an instant solution for prospective buyers to pay off the amount owed on their existing property and fund the deposit on their new dream house.
Getting approval for bridging loans is simple and straight forward as compared to applying for a loan from a traditional commercial/high street bank.
Bridge Direct will process your loan request on the day of application and your application may be accepted even if your credit rating is low. This loan can be used until permanent finance is secured. Bridging loans allow you to use the equity of your existing house until it is sold.
Always check the market interest rates before taking out any loan. The interest rates on bridging loans are generally higher than when compared to secured finance like a mortgage or bank loan.
Bridging loans have other advantages
Being accepted for a residential bridging loan is much simpler when compared to a loan from a high street bank. When you contact Bridge Direct you speak directly with the lender and there is no middle man.Bridge Direct guarantees an instant decision for all their bridging loan products and services even if you have an adverse credit rating we may be able to offer you a financial solution.