Bridging loans Sale of your home can wait

Finding a suitable built-up home is a tough task for any aspiring homeowner. There are so many parameters that a homeowner has in his mind that make locating a similar home very difficult. However, if you have already located a home that fits your ideal description then you should not wait for too long; your aim should be to complete the purchase process as soon as possible. Many a times people lose good opportunities just because they are not able to take timely decisions. You should check this tendency and not let any such opportunity go unexploited.

Once you have selected a home and entered into agreement with the seller, the next step is to pay the purchase price. If you are relying on the sale of your existing home for payment purposes then it may delay the purchase transaction. Your existing home can wait to be sold; you may take bridging loans and complete the new home deal. Bridging loans are short term facilities provided by the lenders so that you can fill the time gap between buying and selling of two properties.

Bridging loans may be 'closed' or 'open' depending upon the fact whether your home has been put on sale or not. If agreements have been exchanged then it is a case of 'close bridge'. If you are still to put your home on sale then it is a fit case for 'open bridge'. In this case, lender may ask you many questions because nothing concrete has been done on your part to repay the loan within a short time.