(EMAILWIRE.COM, February 13, 2012 ) London, UK -- When buying or selling property, it can be your worst nightmare. Anybody who has purchased a property while still selling their old property knows the risk of accidentally owning 2 properties at the same time. Of course the issue isn't owning both properties so much as it is making payments on both properties at the same time.
And this happens more than most people believe according to a BridgingLoansBrokers.co.uk spokesperson. Nowadays everything is up for negotiation when buying and selling a home, the spokesperson said. And to get the deal done when buying or selling you sometimes have to compromise on closing dates. For many this makes it impossible to time the purchase of the new property and sale of the old property on the same day. Subsequently they end up with either no place to live for a period of time or they end up with 2 properties and 2 mortgages for a period of time. Most people can handle the former by staying in a hotel or with friends or relatives. The latter can be quite stressful and unfortunately traditionally impossible to carry 2 mortgages for many families in today's economy. That's where we come in.
BridgingLoanBrokers.co.uk offers bridge financing as a means to help people in this situation. We make it so your payments for 2 mortgages are more manageable while you are in the buying/selling process, the spokesperson said. We offer closed bridge financing which covers you for a pre-defined time frame. This is good if you know the close date of the purchase and sale. Since the time frame is known and you have agreements in place, the cost is lower versus an open bridging loan. Open bridge financing covers you in the event that you buy a new home but don't yet even have a contract on selling your existing home. Either way, we've got you covered.