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A short term mortgage is a great idea – if you can afford it.
You’ll pay a lot less interest and will be able to become mortgage-free quicker. The main disadvantage is that the monthly repayments will be a lot higher.
Realistically, you’ll only be able to afford the repayments on a short term mortgage with a small loan-to-value ratio. Many of those opting for short term deals will have either saved a huge deposit or are selling a home they’ve built a lot of equity in.
Most mortgage lenders have a minimum term (usually between three and five years) and a minimum borrowing amount on their traditional mortgage products. If these terms aren’t suitable, explore lenders that specialise in short term deals.
As with any mortgage product, the lender’s biggest priority is that you can comfortably afford the monthly repayments. You may want to use a professional mortgage advisor to find the most suitable deal for your needs. These individuals have specialist knowledge of the mortgage market and will be able to point you towards the most affordable deals that suit your circumstances.
If you can’t find a suitable short term mortgage, consider these alternatives:
Learn everything you need to know about chain break finance – a type of bridging loan that stops you losing your dream home if the sale of your existing one falls through.
Read our in-depth guide to fix and flip and how this type of property investment works, including the factors you need to consider, the risks to be aware of and how to finance it.
Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.
Learn everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.
Read our in-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.
Everything you need to know about the benefits of using a bridging loan to fund a property development project if you don’t have the cash already available.
Find out if a bridging loan could be a good option versus other types of finance if you’re buying land.
Everything you need to know if you’re considering taking out a refurbishment loan to renovate an investment property, whether it’s for buy-to-let or to add value.
Buy-to-sell mortgages (also called bridging loans) are designed for buyers who are looking to sell on a property within a relatively short time-frame. Read our guide and compare rates.
If you haven’t sold your house yet, but want to buy your next one before the sale is completed, a bridging loan may be able to help.
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