A bridging loan fills the gap between purchasing a new home and getting rid of your old one. It is usually a costly method, however, so is a last resort for many people.
There are two types of bridging loan - open and closed. A closed loan is when you know your own property is sold, but need a little extra cash to complete the purchase of your new house. An open loan is for when you've bought a new house before the sale of your old one.
Banks are less likely to give you money for an open loan as it is a riskier prospect for them. If you do apply for this type, you can expect to be asked a lot of questions and will probably need to supply a lot of supporting information for your claim.
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