How Bridging Loans Can Help You Buy a New House
A bridging loan is a short-term loan to help you buy a new house before you’ve sold your current one. It’s like a financial bridge that fills the gap between buying a new property and getting money from selling your old one. These loans are usually for a few months to a year. They often have higher interest rates than regular mortgages because they’re quick and temporary. Bridging loans can be useful if you need to move quickly or want to secure your dream home. However, it’s important to have a solid plan to repay the loan, usually by selling your current house or arranging long-term financing.
