At Blue Moon, we can also provide a bridging loan, should you need one. Bridging loans are specifically designed short-term loans. They can be acquired in very little time to bridge the financial gap between purchase and sale. Bridging loans refer to a type of loan taken out to solve temporary cash problems.
Bridging the gap
For instance, if you own a house but are upsizing to a more expensive property, a bridging loan could cover you to buy the house you want before you have sold the first one. Similarly, if you are buying a property at auction, you may need to put down a deposit or pay the balance on a house quickly – before a mortgage lender can arrange finance.
Bridging loans are generally taken out for between 1 month and 12 months. Because of the extra risks, bridging loans will be more expensive, often between 12% and 18% and they should only be considered as an option if you think you can repay relatively quickly. The key for bridging loans is to move fast: a short-term bridging loan can be an ideal financial solution.
For a no obligation quote simply give one of our advisers a call on 01933 303020. Or alternatively, please browse our site for more information on the various types of insurance we can provide. If what you want is not listed above, please call our friendly advisers who can guide you through the complicated world of Insurance.