A Bridging Loan is a short term secured loan used to “bridge the gap” between buying a new property and selling an existing property. You might also hear them referred to as “Emergency Property Finance”, “Gap Financing” or “Interim Financing”.
Bridging loans are especially handy when you need access to finances fast. For example if you’ve purchased a property via auction, you would need to have the money readily available to purchase the property there and then. However, if you haven’t sold your current property yet you might not have the finances to hand. If you also have a history of defaults, CCJs and a poor credit score, you might find yourself struggling to secure a loan.
This is where a Bad Credit Bridging Loan can help.
At Your Mortgage Options we are completely impartial and independent with access to the Whole of the Market. This means we’re able to place you with the right provider of a bad credit bridging loan or a poor credit emergency property loan that is best suited to your needs and circumstances.