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Bridging Loans

What is a Bridging Loan? Why would you need one? How do you find a Bridging Loan?

Selling and buying houses does not always go smoothly, it just takes a break in the chain for the sale of your existing home to fall through. You quickly need a Bridging Loan to complete on your new property purchase, otherwise you could lose it if someone else makes an offer. A Bridging Loan can also be the solution if :

you need to buy a new property before you complete the sale of your home and the equity is released.
there is likely to be a delay in moving after completion.
you need funding for short-term commercial or residential renovations.
saving a property purchase if the mortgage is delayed.

Fast, easy application

The main advantage of a Bridging Loan is the speed you can get the money you require, in order to successfully complete the purchase of your new home.
Find a lender specialising in arranging fast personal and commercial low-rate bridging loans with easy online application and competitive rates.
Top lenders can usually give you an in-principle decision within 24 hours and provide a speedy release of funds to you - usually in less than a week and often within days.
Find specialists who will advise you on the best option and the best rates, and help you to bridge the funding gap.

What is a Bridging Loan?

A Bridging Loan is a short term mortgage which is secured by your property. This is usually arranged by getting a mortgage on the new property, and taking out a second mortgage on the property being sold. This type of loan is mainly available for house sales and is usually taken out to solve a temporary cash shortfall which can happen when selling and buying different properties or to pay for renovations. It 'bridges' the gap between the purchase of a new property and the sale of an existing one.

There are generally two categories of Bridging Loans:

Closed - this is when you have exchanged contracts on both the property you are buying and the property you are selling.
Open - this is when you have not exchanged contracts on the property you are selling.

Bridging loans can be arranged for:

Residential property
Commercial property
New house building
Land purchase
Renovations
Conversions
Overseas Property
Auctions

This can be the most cost-effective way to fill the gap that can sometimes occur between buying and selling your property.
Due to being for a short term Bridging Loans are usually at a higher rate than your conventianal mortgage, interest rates are generally around 2.25% a month. We ensure that the most competitive rates are offered to our applicants, due to our specialist team of top lenders and brokers.

Purchasing a property at auction

Completion needs to be fast as you have to complete within 28 days, so you need a bridging lender who can act quickly and professionally.
Unlike many of the main banks Bridging Loan specialists recognise the need to deal rapidly with your request - which is vital where property purchase is involved. You can expect to receive your funds within the week, enabling you to continue with your property plans.

Fast-track

Find lenders who specialise in providing fast online access to Bridging-Loan finance on residential or commercial properties in the UK.

Find lenders who have no maximum limit for Bridging Loans, so a substantial amount is available if needed.

Find lenders who lenders will usually allow Bridging Loans of up to 80% of the value of the property. The amount is borrowed for a period from a week to a year. The maximum term for a Bridging Loan is generally 12 months and no repayment is required until the loan term has expired or the loan is refinanced. There is, in certain circumstances, the flexible facility of extending the loan period if necessary for some clients. Short term Bridging loans are quick to arrange and are repayable either in a lumpsum payment of principal or monthly instalments.
A Bridging Loan is generally available as a stand alone product or is available in conjunction with a mortgage.

Being self employed or having an adverse credit history or CCJs need not be a problem. A Bridging Loan can even enable people who have an adverse credit history to build a track record before applying for a conventional mortgage. A successful Bridging Loan can have a positive effect on a borrower’s credit score making future finance more attainable.

Fast-track to your financial solution if you require bridging finance quickly in order to secure the property of your choice, and only need funds for a limited period of time. Find financial experts who will help you through the application process to achieve your property needs in the most cost effective way.

Secured loan phone help Loansite is one of the longest established finance sites in the UK - we've helped thousands of people find loans and mortgages so why not let us do the shopping around for you?

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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