Bridging Loans

[Neenee]

Are bridging loans a good idea?

We have seen a house which we would be a dream come true for us. Have made an offer which has been accepted, our own house has been on the market for a week, we are yet to receive any offers on it....

If we come under threat for the house we wish to have, is it right that we should consider a bridging loan? Or is this just way too expensive even in the short term?

Any guidance will be greatly appreciated,

[PrinceRainie]

Bridging loans can be a very useful way or arranging finance for circumstances like your own. If you have the disposable income to be able to afford the loan then got for it......but the danger is, is that if your house sale falls through...then you may end up paying the bridging loan for a longer period of time than originally anticipated. So make sure you can afford the monthly payments before comitting yourself...

Good luck

[paulthor]

I was in the same position as you a few years ago and decided to take out a bridging loan to secure the sale of a property.

Before I took the loan I spoke to 3 independent financial advisors to make sure that I was doing the right thing. They can be expensive and risky so it is important that you make the right decision.

I was recommended Hampshire Trust by an IFA and I was pleased that I did because they were very quick and helpful. However, it is important the you get all the information before you make a decision.