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Generally, before purchasing a new property, you tend to sell of the existing one. But the transaction does not seem to be so simple. What if you do not have the required cash to procure the property prior to the selling of existing property? There is nothing to worry as the UK loan market is now offering bridging loans. These loans offer you the financial support, so that you can clinch the deal without facing too many obstacles. The main function of these loans is to fill the cash void and hence justifies the name.

These are secured loans where in you have to pledge your existing property as collateral, as an assurance for the lender. Through these loans, you can avail amount in the range of 100,000-400,000 and is mostly based on the equity value present in the collateral. Although these loans are secured against an asset, the repayment term is small and stretches for a period of 1-12 months. This time period is sufficient enough to sell off your existing property and repay the borrowed amount, within the stipulated time period.

Although the amount is secured against an asset, the loans carry a marginally high rate of interest. This is due to its short term availability. Further these are interest only loans i.e. you have to pay the interest only for the entire duration. Therefore, before availing the loans you should make a proper research to spot lenders offering competitive rates.

These loans are also made available even if you are having a history of bad credit such as CCJs, IVA, arrears, defaults etc. However the interest rates levied will be slightly higher. in fact , by paying back the borrowed amount the borrowers can increase their credit ratings.

Most of the borrowers prefer to avail these loans through the online mode. There are scores of lenders in the online market who are offering these loans at competitive rates. By collating and comparing the quotes, you can pinpoint lenders offering low rates that suit your circumstances.

By availing bridging loans UK, you do not have to worry about arranging the finances to bridge the cash gap. Thus with these loans, you can procure you dream property without any hiccups.

Peter Taylor is a senior financial analyst at 24hrbridgingloan with an acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles. To find Bridging Loans UK,bridging loans, 24hr bridging loan, short term bridging loans, easy bridging loan visit http://www.24hrbridgingloan.co.uk.

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