Purchasing a home with a bridging loan may be something you have never considered. A long held view is that bridging is prohibitively expensive, however due to the expansion of the market, more competition and better regulation in these areas bridging finance is becoming a more popular and ultimately more affordable option.
We have exclusive rates not available through lenders directly and these start at just 0.44% a month. Bridging could be the answer to you securing your dream property in the quickest possible time – a great example would be where you want to purchase but are yet to sell your own property.
Best of all you do not need to make monthly payments on a bridge as the interest is rolled until you ‘exit’ the loan. This is typically achieved by selling your existing property or refinancing with a traditional mortgage.
We aim to make the process of applying for a bridge as simple as possible – the 10 step guide below gives an overview of our process:
- In our first chat we will find out what your requirements are – this will include the size of the loan you need and what property or properties we will use as security for the loan.
- We are completely independent and will search across the market before issuing bespoke terms for your deal and full costings.
- Our chosen lender will then issue a Decision in Principle to confirm they are happy to offer the loan subject to the usual checks.
- You will then give us the go ahead to proceed with the deal.
- The lender will then send out their own surveyor to value your property.
- The valuation is then assessed by the lender and assuming this is all OK.
- The lender will then have the loan signed off by their credit team.
- The offer of loan will then be issued.
- Your solicitor then prepares the relevant paperwork.
- Finally the funds will be released and your purchase can complete.
Bridging finance is typically a 3-4 week process but we have completed deals in as little as five working days – as such if you have an emergency such as losing your buyer after you have exchanged contracts we are perfectly positioned to assist.
Why not give us a call today on 01249 474956 or send a summary of your situation to us by completing the form below.