Bridging Loans

ALL YOU NEED TO KNOW ABOUT Bridging Loans

This short video tells you what to expect when you call us for mortgage advice. It’s a really simple, straightforward process and remember our expert advisers are available to help you 6 days a week.

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Bridging finance or a Bridging Loan is a type of short-term loan that is used to ‘bridge’ a gap in funding for a short period of time.

How long is Bridging Finance taken out for?

The loan term for bridging finance is usually no longer than twelve months. Access to funds can be done with a matter of a couple of days making bridging finance a very fast and effective way of gaining funds.

What are interest rates on bridging?

Interest rates tend to be higher with bridging finance compared to that of a standard mortgage, however, lenders usually allow you to ‘roll up’ monthly interest payments and pay it alongside the capital owed at the end of the term.

How much can you borrow with bridging finance?

The minimum loan with bridging finance is usually £25,000 as anything lower than that than a personal loan may be more appropriate. There are no upper limits on how much you can borrow and depends entirely on your financial situation and the lender’s discretion.

What fees are involved in Bridging finance?

There are two types of fees in bridging finance:

  • Entry Fees or Application fees: this is a fee the lender charges to use their bridging product.
  • Exit Fees: Not all lenders charge exit fees

There are also solicitor charges, broker fees and valuation costs which are the norm for any secured lending.

Why use Bridging Finance?

There many reasons applicants use bridging finance:

Fast access to funds- this usually takes place when applicants buy a property at auction and need to complete within 28 days or they would lose their initial deposit.

Traditional access to a mortgage is not available to you at the moment in time.

There is a retention on the property and the lender will not lend you the full amount so you need another source of access to funds

A previous source of funding has fallen through.

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