Competition for property buying in London is cutthroat – even at prices well above the national average. To give themselves the best chance, homebuyers and investors are making use of bridging loans more than ever before!
Competition in London is fierce for property
London is the planet’s biggest investment market and financial centre. It counts among its population the world’s highest number of ultra-high-net-worth individuals.
In London, cash buyers are king – they’re able to take property for sale off the market within hours – far faster than any other potential purchaser is able to contact a broker to begin a mortgage application.
For people and families looking to move home in London, a bridging loan gives them the opportunity to purchase a new home quickly, even if they have an existing property they need to sell.
How do bridging loans work? Bridging loans are a type of finance facility designed to cover a gap in time between two transactions happening, for example when you purchase a new property but have not sold your existing one yet.
Bridging loans in London to break mortgage chains
If there are multiple people in a mortgage chain, the chances of a deal falling through or deadlines not being met increases. Being stuck in a mortgage chain is incredibly frustrating for all involved and there are really only three ways to break a property chain – to sell before you buy, to not sell and use the equity in your existing property to use as a deposit on your new London property, or to get bridging finance.
Working with Monopoly Finance
At Monopoly Finance, we can give you a same-day in-principle decision on a bridging loan to secure the residential property you want, whether you’re going to be living in the property or whether you’re buying the property for investment purposes. If you’d like to speak with one of our consultants about a property development loan, please call our team on 0207 101 3333 or go to our contact us page on this website.