As the name suggests, people can take out bridging loans to tide them over for a short period, usually when they’re buying property or a building plot.

For instance if you buy a property before selling your current property you can take out a bridging loan. The average bridging loan term is six months, although some providers will lend for between three and nine months.

Obviously you pay a higher interest rate for the loan than you would for a mortgage but they are a handy thing to know about should you need to access this type of funding.

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