Residential bridging loans

A well organised bridging loan can help you to buy the house of your dreams!

It's an accepted fact that selling your home is one of the most stressful life experiences there is. Juggling the sale of your home with the purchase of another is always hard work and, if you're buying at a distance, or you have a particularly tight timescale, the situation can become even more difficult and stressful.

When your sale falls through

Many of us buy a house because we've fallen in love with it. It is exactly what we've been looking for and we're already planning what we're going to do with it when we move in. No matter how many times you've moved, it always seems to work this way.

So what happens when your own sale falls through and you risk losing the new home you've set your heart on? You have two options:

Pull out of the purchase - if your sale is not going to go through in time then you could pull out of the purchase - but remember - you'll lose your new home, and you may not have an opportunity to buy it again.
Find a bridging loan - a bridging loan will help you to pay for your new house so that you can complete the purchase in the agreed timescale.

At DIYfunding, we can find you a bridging loan that suits your circumstances. Many people are wary of bridging loans because they often carry higher interest charges, but when taken over the short lifespan of the loan, and bearing in mind that you are still able to buy the home you want, these charges quickly become a secondary consideration.

In most cases, your own house will sell fairly quickly and, because there's no chain after you, the sale will go smoothly. You can use the proceeds to pay off the bridging loan and begin to enjoy your new home.

If you find yourself in a situation where a bridging loan becomes your best option, then remember, there are a number of advantages in arranging a bridging loan:

A bridging loan can be arranged quickly - very often in a matter of days.
A bridging loan will give you the flexibility you need to proceed with your purchase.
A bridging loan is not dependent on your income, but, rather the value of the property you are using as security.
A bridging loan can be repaid at very short notice - so the sooner you can sell your existing house the better.

If you think you might need a bridging loan, then don't leave it until the last minute. Give yourself sufficient time to make the right choice. DIYfunding can help you as we can give you access to all the top bridging lenders in the country.

The DIYfunding pack we send you will provide you, not only with details of the lenders who will be able to consider the bridging loan you need, but also we will give you expert help presenting your application.

For more information about finding the right bridging loan for your house purchase apply online at www.diyfunding.co.uk.

Keith Park