Short-Term Bridging Finance Loan Options UK
A bridging loan enables a buyer to acquire a Short Term Bridging Finance secured loan used to “bridge” the gap between a new purchase of a property and a new mortgage. This can be secured against an existing home or investment property, or from the sale of an existing home.
There are number of reasons why a bridging loan might be suitable for you:
– Purchasing a property at auction(Buying a House at Auction)
– You are interested in building your home, so you need to buy some land
– The conversion or development of a property
– There is a delay in selling your home and you need finance to secure a deposit on your new home
Would you like some advice or help with a bridging loan? We are on hand to assist and, as an independent mortgage broker, we have access to a comprehensive market, and can offer you competitive rates.
We are here to assist you with advice on Bridging Finance on Property. We can even look at a rate that you have been currently offered to see if we can provide something more affordable, or in line with your financial goals.
A bridging loan is a short-term solution to “bridge” the gap for certain situations. For example, you may be looking to purchase at auction and time is critical, therefore a bridging loan will be suitable for you.
Typically bridging loans can be agreed upon within 24 hours if all the documentation and outstanding information are satisfied, with the facility being live to drawdown in a matter of weeks.
This will vary depending on the size of your bridging loan, and your repayment strategy. Typically, Bridging rates start from 0.65% per month.
The very nature of bridging loans means that they are flexible, with typically 1 month’s interest as the exit fee, or in certain circumstances, no exit fees.
Bridging loans, just as any other loan/mortgage/credit agreement have the same impact on credit history/score as each other.