Bridging Loan to Buy House
Bridging Loan To Buy A House
Looking for a bridge mortgage solution to buy a house?
Why use our service?
- Bridging loans from £50,000
- Fast finance - Looking to buy a house and need fast finance?
- Terms of finance from 1 month to 3 years
- Interest rate roll-up schemes
- Whole of market service - we work directly with UK bridging lenders
- Lowest bridge rates - Access to leading bridging loan deals
- Fast turnaround - speak to us today if you need to move quickly. 5 to 7 days possible.
To investigate your options if you are looking at a bridging loan to buy a house call our finance team on 0117 313 6058 or fill in our call back form.
Bridging Loan to Buy A House
A bridging loan is a specialist loan designed for short-term situations to provide a temporary cash flow solution or ‘bridge’ before additional permanent finance becomes available.
This type of loan or finance can be ideal when you are up against the the clock and where funds are needed quickly.
Reasons why a bridging loan can get you the house that you want:
- A bridging loan allows you to act like a cash buyer when you need to move quickly
- As it's secured against the value of bricks and mortar, lenders will consider borrowers whose credit history or regular income could disqualify them from loans from high street banks and mortgage lenders
- Bridging loans can be secured against commercial or residential properties, building plots, or even land that does not have planning permission yet
Examples of how a bridging loan could help
- It may be that you are downsizing, upsizing, moving abroad, or moving closer to family when you purchase a new home before you sell your current property.
- When you break a mortgage chain with bridge finance, you become the type of cash buyer estate agents prefer
- When cash flow is tight, bridge finance secured against property can also be used for personal or business purposes
- Auctions are among the most profitable places to search for bargain-priced properties, but the requirement to complete the payment within 28 days makes it impossible for ordinary mortgage financing.
Example of bridging loan for buying a house before selling
A typical situation is where you have yet to sell your house but you have found a new property and time is not on your side. A bridging loan can provide short-term funding for a property purchase until you sell your former home.
The process for obtaining a bridging loan is usually straightforward with a more flexible set of criteria than is usually required by most high street banks and mortgage lenders.
Like a mortgage, a bridging loan is secured against property or asset with the typical loan to value in the region of 70%. However, it is possible to access bridging finance with LTV up to 100% if there are other assets that can be used in the background as leverage.
The bridging loan company will want to see that the exit strategy from the loan is clear. If you are clearing the loan off from the sale of your existing home, then the loan can be paid off.
If you are looking to pay off the loan using a mortgage, then most lenders will want to see that you have a mortgage offer in place before you lend - this is something we can investigate for you.
To get a feel for the costs involved use our bridging loan calculator »
If you would like to talk through your situation on what might be possible using bridging loan finance call us on 0117 313 6058 or complete our request callback form.