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Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

However, if the variable rate drops below your capped rate, you will benefit as your repayments will be calculated using the lower variable rate

Capped mortgages enable you to place a limit on your monthly mortgage commitment, plus they benefit from falls in interest rates

These are often referred to as credit scoring facilities

See below for more information about these features

DISADVANTAGES If the proceeds of the repayment vehicle do not achieve the amount expected, then there will be a shortfall

Usually calculated on a daily basis and added to the loan either monthly, quarterly or annually

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

A good site will enable you to register your requirements and send you the latest property details by email

However, try to include as much as possible in the negotiations

This search can take between four and six weeks although many councils process searches in two weeks

12 weeks to go Try starting a notebook to record details

You are not looking for a guarantee of repayment at the end of the mortgage term

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

It may also indicate how genuine the sellers are