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There are two types of bridging loans in the UK and one is more secure than the other. A closed bridge is a loan that is available to someone who wants to buy their new property before their current one has fully sold but who has exchanged contracts on the sale.

An open bridging loan is made available to someone who has bought their new property but not sold their existing home. The potential term of the open bridging loan could be a lot longer. This can be risky as open bridges are expensive and you may be paying it for a lot longer than you expect.

If a bridging loan is already secured on the property but has not sold in the period of time expected, it may be possible to refinance the loan with another bridging loan rather than refinancing the property to a mortgage lender and incurring early redemption penalties.

Please call us free on 0800 0372121 or 0116 2782888or apply by following the link

Business address
95 Blaby Road
Leicestershire
LE18 4PB
Free phone: 0800 0372121
Email: click here