There is no restriction regarding age, making Bridging Loans open to anyone that can provide an acceptable property or asset that can be used as security. Although a Bridging lender may want additional security in some instances, in general, this will only occur when a property being offered does not meet the Bridging underwriters’ criteria in terms of value.
This is likely when the property being purchased is in need or renovation or will be demolished prior to a completely new building being constructed on the site of the new property being purchased, meaning the security being offered is, or may become insufficient in value to cover the Bridging Loan required.
As there is no ceiling on age, this gives those who wish to downsize or look for that forever home an opportunity to consider the whole of market for a suitable property at their leisure. In this particular instance a Bridging Loan offers the ability to make an offer, exchange contracts and complete on a purchase without the need to sell their existing home. This means one can confidently compete with other well positioned buyers not in a chain when viewing or making an offer to an agent or seller, so a cash or first-time buyer has no advantage or bargaining power in terms of how quickly they can exchange or complete on the purchase.
So now you can look for that perfect retreat without the need to sell your home or likelihood of losing out to someone who can simply move quicker. A Bridge also offers greater control over the whole transaction and gives you a strong hand so you can take time to plan your move without compromise and more importantly, at your own pace.