There are certain situations when you may need to complete on the purchase of a new property before your existing house is sold. In such cases our Mortgage ‘ GAP’ Bridging Loan is an ideal low cost solution. The GAP Loan works by securing a short-term facility on the property you are selling and utilises the equity you have built up in that property. The loan is used to pay off the balance of any Mortgage you might have on your existing property and the balance of funds are then used to supplement the purchase of the new property.

In many cases the client will move their existing Mortgage facility across to the new property or will possibly look to secure a new Mortgage for the new property. The Mortgage GAP Loan is charged at thereabouts normal Mortgage rates and is offered on extremely flexible terms allowing the loan to be kept in place generally up to 12 months and with no minimum term. A simple one off set up fee covers all administration, valuation and lenders legal fees and this is usually added to the loan.

The Mortgage GAP Loan is ideal for situations where is client is downsizing, emigrating abroad or where there is simply a ‘must have’ property opportunity that very rarely comes around.

Our advisors are experts in these situations and here to help so please get in touch: