Friday 22nd February 2008
With credit conditions continuing to tighten, some consumers could find they are caught between a rock and a hard place when selling their property.
The need to obtain the funds from the sale of a house before being able to complete the purchase of another might be a problem for many homeowners.
But bridging loans are "evermore important", according to financial information service Business Moneyfacts, for their ability to fill the gap.
Editor of the publication Lee Tillcock explains that "bridging finance is ideal for any situation where funds are required quickly and for short periods".
"It can be used to help buyers move fast, often where a distressed vendor needs to realise the value of their property for a quick sale," he adds.
However, a competitive mortgage deal could remain the best long-term option due to the high interest rates and short-term lending conditions often associated with bridging loans.
©
Fill out a form to speak to an advisor about what type of loans might be right for you.
