Bridging Loans
Mortgages
Mortgage advice that’s as unique as you are
Bridging loans can be an incredibly useful, and incredibly fast, way to access funds when timing matters most, whether you’re breaking a property chain, buying at auction, or need to complete before a sale has gone through. There are many different bridging products to choose from, so it is important to get the solution that is most suitable for your needs.
To help you make the right decision we have put together our Top Tips for bridging loans:
How much can I borrow?
Bridging finance is usually based on the value of the property being used as security, so it is important to have a realistic exit strategy in mind, whether that’s a sale or a remortgage onto a longer term product.
How much deposit or equity will I need?
Lenders will look at the loan to value across the security property, and in some cases any linked property, to determine how much can be borrowed. Generally, the more equity you hold, the more competitive the rates available to you.
Have you considered the extra costs?
Bridging loans often come with arrangement fees, valuation fees, legal costs and monthly interest, so these should be factored in alongside your exit plan to make sure the numbers still work.
Know your exit strategy.
A clear, realistic plan for repaying the loan, whether through sale, refinance, or another source of funds, is one of the most important parts of any bridging application, so it pays to have this thought through early.
Speed matters, but so does the right fit.
Bridging loans can complete in a matter of days rather than weeks, but a fast decision should never come at the expense of getting the right product and lender for your situation.
Regulated or unregulated?
Depending on whether the security property is your home or an investment, your bridging loan may or may not be regulated, and this affects the protections available to you, so we’ll make sure this is clear from the outset.
Remember a bridging loan is a short term solution, and there are lots of different products available, so it is important you get the right solution for you.
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