A closed bridging loan is commonly given once contracts have been exchanged and there is a defined exit strategy, that is a clear means in which the loan will be paid off by the iminent sale of the current property. This type of bridging loan tends to have a lower rate of interest since it is low risk.
An open bridging loan is typically given when one of the properties has not yet been sold. This makes the loan higher risk, and thus it is charged at a higher rate of interest.
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
At Aston & Co we have the experience and the know-how to help you find the best bridging loan to suit you and your budget. Our friendly and professional advisors are on hand
to guide and support you in your choices. Contact us today to discuss your needs and pave the way to your happy-ever-after.