Bridging loans can be interest-only loans and are usually used by those who need immediate access to funds. It is essentially a bridge between creditors becoming available and debt coming in. A short-term lifeline can be used to help those who are looking to buy property right away or at auction, renovate, build, or do other work – especially when time is tight. Mike Collins, a financial planner with 17 years experience, stated: ” With almost a third of homebuyers losing their property purchases because of mortgage delays, the importance to be able move quickly from the borrower’s perspective is clear – and they can do so by getting a bridging loans “Interest rates for bridging loans is higher than other financial products, and I’ve had a lot of people ask me recently whether they should be concerned about interest rates having increased. “A bridging loan can be repaid in as little as a month, which makes it more affordable and allows for more control over the interest. Below is a detailed explanation of bridging loan and their utility in current times. Rates of interest on bridge loans These can be fixed. They provide stability, provided you continue to make your payments on … Continue reading Mike Collins Mortgage Expert – Bridging loans can be a great option in the face of rising interest rates