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When purchasing a house in the UK, you will probably be involved in a ‘chain’ of properties, and will be relying on the sale of your house to provide the financing for the purchase of the new property.

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When finalising the purchase of your new house, you will need to agree a completion date with the seller of the property, their may be pressure from the seller to stick to this date as they will be keen to secure the money for the purchase of their new house.

At some point in this chain of sale and purchase, someone may run into problems with their financing and delay or pull out of a purchase – if this happens to you then you will find yourself in a position where you will not have the money to complete on the sale with the person you are buying off of. In this situation, if the seller is not prepared to wait, then you will have two choices – pull out of the purchase or take out a bridging loan to fund it.

A bridging loan is a short-term loan that is secured on your house, in much the same way as a mortgage. With a bridging loan you will be able to raise the money needed to buy the new property, and then repay this loan when your old house sells – in most cases this will be a very short space of time as a bridging loan is often used to ‘bridge’ the gap between the purchase completion date and your sale completion date, which may be as little as two or three days.

If you are looking for a loan other then a bridging loan, we recommend that you visit Loans UK.

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