This is a temporary loan which allows a buyer to complete the purchase of a new property before selling their existing property. It is also useful for borrowers who want to finance the building of a new home while still living in the old one. The main advantage of a bridging loan is its quick and you can get the money you need in order to move ahead with the purchase of your new home. But as always there are disadvantages, the main of which is usually a higher interest rate, since Bridging Loans tend to be riskier for the lender.

If you need more information on these types of home loan products and how they suit your individual home loan needs, our mortgage consultants can help.