If your buying a new home but haven't found a buyer for your property, a bridging loan could be for you. Bridging loans can also be used  to purchase a property at auction.

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A bridging loan can be useful if you need to borrow money for a short period. Bridging loans are priced monthly, rather than annually, because they tend to have a 12 month term and can be repaid early. Interest is only due up until the point the loan was repaid, so if you've bought a property to flip, a benefit of a quick flip will mean that you've paid less interest on a bridging loan.

 

One of the downsides of a bridging loan is that they are quite expensive.

 

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Bridging loans can also help if your looking to purchase a property fix and re -  sell quickly