Bridging Loans in Thanet, Kent
What is a Bridging Loan?
These are short term advances with terms typically from a few weeks to a year. They are particularly helpful if a property purchase has to be completed before an existing home is sold. The bridge would then be repaid following the sale of the old home.
Thanet Associates will take time to understand your needs, research the market and find the right deal for you.
Interest rates on bridging loans vary more than on residential mortgages and depend on a number of factors:
- Type and location of the property
- Purpose of the loan
- Purchase price
- Amount to be borrowed
- Borrower’s experience and credit history
- Whether a first or second charge is available (security for the bridging loan)
We can guide you through each of these.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.