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A typical example when a bridging loan is required is the cross over between selling one property whilst purchasing another. Another reason for requiring a bridging loan could be the purchase of a property at auction. As bridging loans offer more risk for the lender than the normal housebuyer’s loans, they are more expensive and should only be used where you are certain they will be repaid within 6 months.
Credit Cards

Although I would never advise anyone to purchase a property using credit cards due to high interest charges, you may find them useful to help pay for fees and some refurbishment.

 

Credit Record

There will always be a time, as you progress in investing, when you will need to borrow money from a lender. The lending can come from various sources such as credit cards, mortgages, personal loans, HP agreements etc. The success of borrowing money is due in the main to having a good credit rating.

Your credit record will detail every time you may have borrowed money previously, every time you moved house, every person registered at that address and so on.

 

It is critical to keep your credit rating as high as possible to give you access to the best forms of