subject: Bridging Loans: - For The Dealing Of Lucrative Property [print this page] The need of money can emerge any time. Getting loans for the fulfillment of financial emergencies have become the best option. Loans have become very famous and popular in the UK loan market. Today, loans related with personal and private property, education, holidaying, cosmetic surgery etc. are available. In the same way, one more loan for buying and selling properties is present in the market. This kind of loan is called bridging loan. Everyone has a dream of buying new home but sometimes due to lack of finance they have to sale their old property. Without selling of old property, the borrowers can buy a new property with the help of bridging loan.
Bridging loans are secured by nature. It clears the fact that to acquire bridging loans you have to keep your old home as a guarantee against the loan amount. In this way, your old property plays the role of collateral. Lenders offer low rate of interest on these loans.
Bridging loan acts as a bridge between your desire of buying a new home and sale of old property. This loan is secured in nature. The borrower can avail loan amount ranging from 10000-75000. He or she can avail 65% amount on the basis of property which is placed as a security. You have to return the entire loan amount within a short period of time say from 2months to 12 months. According to your needs and demands, you can acquire higher amount of bridging loan also. For this, lenders will charge higher rate of interest.
Bridging loans can also be availed by those people who are suffering from bad credit history like CCJ, IVA, arrears, defaults, late loan payer etc. They have to pay higher rate of interest on these loans. They can reduce the rate of interest by paying installments of loan on time.
With the help of internet, you can acquire bridging loan also. With one click of the button, it will open a list of numerous lenders, who are ready to offer their services at very genuine rates. These lenders have their own terms and conditions. You should read all the terms and conditions offered by the lenders before applying for loan. You can compare the services like rate of interest, repayment duration etc. with the other listed lenders.
by: addy
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