You have finalized a property but at the end you realize that you are falling short of some cash. In this scenario you might be thinking of how to get a loan instantly so that the property can be bought. The solution for this can be an instant bridging loan which actually bridges that gap or shortage of cash that was causing a hindrance from buying the property.
These loans can be availed quickly and the processing charges are also very low. All you have to do is to apply for this loan online or by going personally to the branches. After that it is the work of the loan advisors to guide you through the application process. The loan amount can vary from anything from £30,000 to £100,000 depending on the property you are buying.
The minimum requirement for instant bridging loans in UK is that you should be 18 years or above and you should be a permanent job holder. You have to look very minutely into the details and see which provider is giving you the best deal possible. Generally the rate of interest varies from 0.75% to 1.1% but the rates are varying according to the market situations. These loans require a mortgage to keep as security deposit with the bank. So you can either keep the new property or the old one whichever suits the valuation for the loan amount that you have taken. The minimum repayment period ranges from six months to a year but it can be extended depending on the loan amount.
Your previous credit score is not a hindrance for you getting an instant bridging loan. It is available to all along with those who have a bad credit score in the past. In one way you can really amend your previous credit rating by paying back these loans on timely basis. Though the loan is mainly given for buying and selling of properties but it can be also used for other purposes like wedding, holiday etc.
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