Bridging Loans and Mortgages
A bridging loan will typically be a product that comes into its own when someone has mortgages on two or more properties at the same time. This could typically happen when someone is selling an existing property, but that won't happen until they have purchased the new house: in other words someone who is involved in a chain and needs to buy before they have actually sold the old house and therefore need two mortgages on a temporary basis.
There are a range of different bridging facilities but the idea is that this is a temporary loan to tide you over, perhaps in many cases for just a couple of weeks, and will save you having to do something like move out of one property and into a new one on the same day potentially.
If you are thinking about a bridging loan or it has been suggested to you, then you do need to think happen. A bridging loan is seen as a high risk financial transaction. This means that before considering a bridging loan you should definitely take independent financial and legal advice.
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