Bridging loans are short-term loans secured against property or land until longer-term finance is achieved. There are various reasons to apply for a bridging loan, such as the refurbishment or conversion of a property or a break in a property chain. We can offer:-
- Brokers with 20+ yrs’ exp - winners of 9 British Mortgage Awards
- Best bridging broker, highly commended (British Mortgage Awards)
- Free, friendly one-hour consultation and no-obligation quote
- Access to exclusive rates, with unbiased advice tailored to you
- Our team have access to over 11,000 products from 90+ lenders
- Specialists in bridging loan finance. Loans to suit any budget
Bridging loans can be used for a number of reasons, such as refurbishing or converting a property. Our bridging brokers have been highly commended in the British Mortgage Awards, so we’ll be sure to find the bridging loan product that’s right for you.
Chain breaking is another common use of bridging loans – you might have found a new property but haven’t been able to sell your current one yet. Bridging finance solutions allow you to take out a short-term loan on your current property and transfer your mortgage to the one you intend to purchase. Once you have sold your previous property you simply redeem the bridging loan.
In situations where a buyer has negotiated a purchase price well below the property’s value, a bridging loan can be arranged based on the property’s current value, rather than the purchase price – this is subject to the value of the property being confirmed. The discounted purchase price can then reduce the cash deposit required.
Bridging loans can have many advantages, but interest rates tend to be much higher. If there aren’t many people enquiring about buying your home, then you might end up being forced to take a lower price for your property in order to pay off the mortgage.