Our Bridging Mortgage Service?
Special features of what we offer include:
- Bridging mortgage deals - from £50,000 to £10 million
- Access to major UK bridging mortgage lenders
- Great rates - We have access to some of the lowest rates in the market
- Whole of market service - we work directly with UK bridging lenders
- Fast turnaround - speak to us today if you need to move quickly
- Buying a property at auction? - call us today
A bridging loan or ‘bridging mortgage’ can prove invaluable to borrowers, in a wide number of situations, where they need to borrow money for a short period of time. They were originally designed to be used for instances where people needed to complete the purchase of their new home while their current property was still on the market.
Bridging mortgages can also be used in other instances e.g. where a buyer has bought a property at auction and needs to put a deposit on it before a mortgage application can made. Or if a potential buyer has plans to quickly renovate a property then to sell it on quickly. In practice, you can use the finance generated from a bridging loan for almost any purpose.
While bridging mortgages can offer borrowers a fast way to get home finance, as they are intended to only be used for a short timeframe, they can be expensive with large administration fees and high interest rates. For this reason, it is wise to speak to a regulated broker who will only recommend a bridging loan if it is fit for you and your specific requirements.
If you want to find out more about bridging mortgage rates you can contact our bridging team. For a free initial consultation,you can use the contact form on this website to request a call-back.
Types of bridging mortgage
There are two different types of bridging mortgage. You may wish to consider which kind would be most appropriate for your situation:
Closed – With a closed option you will have a fixed repayment date. From the outset of the loan, you will know exactly when you have to make the repayment and how much interest you will need to repay. These are typically used in instances where the borrower has exchanged contracts but is waiting for the sale of a property to reach completion.
Open – As the name would suggest with an open bridging loan you will have no fixed date of repayment, but it is common for a lender to still require the loan to repaid within 12 months.
With either type of loan they are generally secured as a first charge against property or land, this means that failure to make your repayments could result in subsequent repossession.
Talk to us today on 0117 313 6058 to discuss your options.