UK Money News
25th February 2008
Bridging loans more important
For people wanting to move house bridging loans will become more popular thanks to the credit crunch, financial experts have said.
Moneyfacts said that high street credit, including mortgage borrowing, has become harder to come by in the general drying-up of liquidity experienced in recent months.
This has meant that bridging loans - a short term solution targeted to homebuyers who have bought a new property but have yet to secure a new one - might become more popular.
"The need for bridging finance can rise during times of financial duress," editor of Business Moneyfacts.co.uk Lee Tillcock said.
"Bridging finance is ideal for a situation where funds are required quickly and for short periods; it can be used to help buyers move fast, often where a distressed vendor needs to realise the value of their property in a quick sale."
He added: "In an environment where credit is hard to secure, bridging finance can perform an ever more important role."
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