Consider a bridging loan to beat stamp duty deadline
A bridging loan could be a short term solution for delayed property purchases, if a chain has broken or completion is looking unlikely to be achieved before the end of the stamp duty holiday.
Regulated bridges can help make sure delayed transactions are completed - and new purchases can be made – in time for when the scheme ends. The last six months saw a return to buoyancy in the property market after the Spring Covid lockdown had literally closed all doors. People have been taking advantge of the Government’s SDLT break but who knows if this will extended. Some reports suggest that there could be as much as 50% more homes in the sales process than there were this time last year. Whilst a bridging loan will have higher interest rates, over the short term this could help secure a property now, especially if it is at a good price, and still save you money compared to paying the stamp duty if the scheme is not extended. The exit would then be a traditional mortgage.
To discuss bridging finance options please get in touch.