Of those, 29% said this was to make their ‘chain-free' offer more attractive to sellers, according to a new survey by Together.

However, awareness and understanding of how this financing works seems limited, as one in five (19%) of survey respondents admitted they had never heard of bridging loans and 13% do not know anything about how they work.

Two-fifths (40%) of survey respondents said having more education on the types of finance available when buying property would be helpful to better understand the benefits of bridging loans, while a third (31%) highlighted the need for better understanding of the potential costs of a broken property chain.

Ryan Etchells, CCO at Together (pictured above), said: “While the term 'bridging loan' may sound self-explanatory, our research makes clear that far too many buyers and sellers are still in the dark as to how this type of fast finance can help unshackle buyers from stressful and frustrating property chains.

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“It is important to help debunk these myths so buyers and sellers are aware that there is a viable option to longer-term mortgages to help you secure your ideal home.”

Ryan has shared a few tips to dispel some of the myths and misconceptions surrounding bridging loans:

1. “You cannot repay the loan at any time; you must wait until the full term has ended”: A fifth (19%) of homeowners mistakenly believe you are unable to repay the loan before the end of the typical 12-month term. That’s not the case — paying before the term of the loan can mean paying less interest so you’ll need to think carefully and realistically about your exit ahead of time.
2. “You can't apply for a bridging loan if you're self-employed, retired or have a poor credit history”: A third (33%) of homeowners risk being at the mercy of property chains due to falsely thinking they may not be eligible for short-term finance. Whether you’re a sole trader or freelancer, have a less-than-perfect credit history or are retired and looking to downsize, bridging lenders will consider a wide range of applicants.
3. “You can only borrow up to 50% of the property's value”: 29% of homeowners mistakenly think this is the borrowing limit, when in fact we can lend up to 75% of your property’s value. However, it is worth remembering that, as with all loan applications, the maximum LTV ratio we can offer might be adjusted depending on the property type.
4. “There are monthly repayments on most bridging loans so you may end up paying for two mortgages at the same time”: While over half (56%) of homeowners think this, there are in fact no monthly repayments on Together personal bridging loans, so you won't end up paying for two mortgages at the same time. Instead, interest is charged monthly and 'rolled up' to be repaid in a lump sum with the initial loan and any fees and charges. Once your sale has gone through, you’ll simply use the proceeds to pay off your bridging loan in full.
5. “Bridging loans are prohibitively expensive”: This is simply not true. It depends on your current circumstances and what your property plans are for the short term. Bridging loans are ideal if you only need money temporarily — perhaps to sort out a cash flow problem, to bridge the gap between buying a property and securing a mortgage, getting out of a property chain, or because you're intending to turn around a project quickly.