Many first time buyers and property investors have taken advantage of the substantial tax savings offered by the stamp duty holiday, however, the 31 March 2021 deadline is now fast approaching and it’s becoming apparent that few lenders can still guarantee completion before this date.
Buyers who have managed to get their initial applications approved are anxiously pushing for completion, with their solicitors, lenders and surveyors working tirelessly to meet the deadline. However new applicants are now unlikely to make the deadline and will therefore not be able to take advantage of the tax break unless they consider alternative finance like a bridging loan.
Bridging Finance to the Rescue
Bridging finance or a bridging loan is a short-term loan secured which can be used in a number of different circumstances, however, they are often used by property investors who require immediate funding, for example at an auction or as a loan to bridge the gap between making a purchase and other funds becoming available.
The obvious benefit of using bridging finance is that funds are released much quicker than standard buy to let mortgage finance. A bridging loan can cut weeks off the time it might take to obtain a conventional loan and therefore using this method can help buyers meet the impending stamp duty holiday deadline.
How We Can Help
The team at Unique Property Finance are well versed and highly experienced in arranging fast, competitive bridging finance and we’re available now to help you take advantage of the stamp duty tax breaks.
To find out how we can help contact us directly on 0203 645 4322.