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Monday 15th October 2007
Bridging loans may have suffered from some bad press over the years, but they have their place, according to the Council of Mortgage Lenders (CML).
Subject to high entry and exit fees, as well as high rates of interest, bridging loans are designed as a last resort for situations where people may have found their ideal new home, but have not been able to sell their old one fast enough and need to keep their purchase on track.
A CML spokesperson said that bridging loans remain "the main and obvious route where there is a mismatch between the purchase of a property and the sale of the former property".
However, she advised that they were not a long-term solution and said that borrowers should always have an exit strategy in place.
"Entering into a bridging finance contract without knowing what your subsequent rollover strategy is does not make any sense," she warned, adding: "It's down to the circumstances of the case as to whether they're appropriate to a person's needs or not."
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