Skipton Bridging Loan
Bridging Loan Service
Compare Skipton with the market:
Special features of what we offer include:
Bridging loans up to £15 million
Terms - From 1 month - 36 months
Whole of market service - we work directly with UK bridging lenders
Lowest Rates - Access to leading bridging loan deals
Exclusive Deals - Access to exclusive bridging loan deals not available on high street
Fast turnaround - speak to us today if you need to move quickly
Buying a property at auction? - call us today
To investigate your bridging loan options call us on 0117 313 6058 or fill in our call back form.
We can provide bridging loan options and then provide mortgage solutions once the bridging loan is no longer needed.
Bridging loans can offer a way for borrowers to get short-term property finance. As the name suggests this kind of finance is intended to ‘bridge’ the interim period between a borrower being required to pay for a property or plot and them being able to receive capital through other means such as sale of another property or the approval and payment of a more long-term finance plan such as a mortgage.
Types of bridging loan
Bridging loans can be classified into categories of either ‘closed’ or ‘open’ depending on their terms and conditions.
Closed bridging loans – Usually have a fixed date of repayment. Meaning from the start of the loan the borrower knows exactly when they are required to repay the loan, if it offers a fixed rate of interest exactly how much more they will need to repay.
Open bridging Loans – 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 be repaid within 12 months.
Before taking out bridging finance
Before applying for a bridging loan borrowers should be aware that these types of loan are generally secured as a first charge against property or land, this means that failure to make your repayments could result in subsequent repossession.
Bridging finance also tends to offer higher interest rates and fees than you would expect with a mortgage.
During the application for a bridging loan a borrower may need to provide the lender with a summary of the deal – with descriptions for the reasons behind the need for finance, what security will be provided on the loan and details of their exit strategy such as repaying the loan through a mortgage or other means. Any security will need to be evaluated with the lender.
Bridging Loan Advice
If you have been considering bridging finance you may wish to think about using the services of an independent adviser, who can offer impartial advice, one which offers a whole of market service can use their knowledge of the industry to compare products from a range of different lenders.
To contact us complete our callback form or call directly on: 0117 313 6058