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Bridging loans are short term loans. Bridging loans are often used by purchasers of a property who need funds for a limited period of time. e.g. until they sell their existing home.
Major banks and building societies can offer bridging loans. But consider all the risks before you opt for a bridging loan. For example, if you take on a bridging loan and to sell your first property, can you afford to shoulder the burden?
If you do look at bridging loans, are the interest rate terms reasonable? And what is the Annual Percentage Rate (APR) being asked?
Go to Moneyextra's Mortgage Centre and Mortgage Comparison Service now.
Last Updated: May 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.