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A residential bridging loan is a short-term finance option designed to help individuals purchase a new home before selling their existing one. It “bridges” the financial gap between the purchase of a new property and the sale of the current one.
These loans are typically used when there is a delay in selling the existing property or when funds from the sale are needed to finance the purchase of the new property.
They offer flexibility and quick access to funds, making them suitable for homebuyers who need temporary financing solutions.
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A residential bridging loan operates as a short-term financing solution, typically spanning a 12-month period, tailored to suit individual requirements.
Funds obtained from the loan can be utilised for purchasing and/or renovating a new property. Depending on the chosen repayment structure, borrowers may not need to make monthly payments during the loan term, with the option to deduct these payments in advance.
Planning for repayment involves devising an ‘exit strategy,’ which may involve securing longer-term buy to let financing or selling the property to settle the lump sum at the end of the agreed period.
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Those who are in need of short-term financing to facilitate the purchase of a new residential property before selling their current one are eligible to take out a residential bridging loan.
This type of loan is typically available to homeowners, property investors, and developers who require temporary funds to bridge the financial gap between property transactions. Lenders may assess various factors such as creditworthiness, property value, and exit strategy when considering applicants for residential bridging loans.
The amount you can borrow with a residential bridging loan typically depends on various factors such as the value of the properties involved, your income, creditworthiness, and the specific terms offered by the lender.
Generally, lenders may offer loan amounts, depending on individual circumstances and the lender’s policies.
Whether you need a deposit for a residential bridging loan, it’s not typically structured like a traditional mortgage where a deposit is required upfront. Instead, the loan is secured against the equity in your existing property or the property you’re purchasing, and the loan amount is based on this equity.
However, some lenders may require a minimum equity stake in the property to qualify for the loan. It’s essential to discuss the specific requirements with a bridging specilist to understand if a deposit or equity stake is necessary for your situation.
We're flexible around your work and family, we'll be there when you need us.
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Getting your first mortgage can be a daunting experience. We’ll hold your hand all throughout the process.
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We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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