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Bridge loans (A-Z of house purchase)
This is a short-term advance, usually from a local branch of a banking institution, to help with a move with transition rules. The most common is a 10% towards the 10% investment if all the money is committed to the home you are trying to sell, but the need may also arise if you both buy and sell and the two do not match.
Banking does not like indefinite life bridges without some kind of redemption bond, but there are several other systems in place to help solve the problem.
Breaking the A-Z of consumer credit slang
Unwanted loans: a bad lending record. As a rule, it is listed on the interest on loans. It shows how high the interest would be if the interest were payable only once a year. APR (Annual Percentage Rate): the interest and any fees you are charged in addition to the amount of the principal.
The one-off amount to be paid by the borrowing party for the credit to be arranger. Basic interest rate: the interest of the Bank of England. It is the minimum interest rates at which creditors calculate interest. Prepayment penalty: A one-time penalty that you may have to make if you decide to prepay your mortgage.
interest rate: a constant interest rat which shall remain unchanged throughout the life of the credit. The amount you must repay in excess of the amount you lend. Collateralised loan: Addresses home owners, a collateralised home loans uses your home to collateralise debts and is usually used for bigger loans, over £25,000.
You can find further information on our secure loans under Further information on our secure loans. Uncovered loan: A credit that is not covered against the borrower's home or other asset. £25k. This usually limits the amount you can lend if most lending institutions offer up to 25k uncollateralised.