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Bad Credit Bridging Loans

A bad credit bridging loan is a type of short term loan; it can be used to bridge the gap in your finances until you can either repay the loan in full or secure a more permanent form of finance. Since bridging loans are secured against the property, lenders will often issue bridging loan finance to borrowers even if their credit history is less than perfect.

Your Mortgage Options are independent mortgage brokers with access to the whole of the market. Sas long as you have a realistic exit plan, then most lenders will welcome applications even if you have:

  • Payday Loans
  • Bankruptcy
  • Repossessions
  • Debt Management Plans
  • Individual Voluntary Arrangements (IVA)
  • County Court Judgements (CCJ)
  • No Credit History
  • Defaults
  • Low Credit Score
  • Late Payments
  • Missed Mortgage Payments

Bad Credit Bridging Loans Explained

A Bridging Loan is a short term secured loan used to “bridge the gap” between buying a new property and selling an existing property. You might also hear them referred to as “Emergency Property Finance”, “Gap Financing” or “Interim Financing”.

Bridging loans are especially handy when you need access to finances fast. For example if you’ve purchased a property via auction, you would need to have the money readily available to purchase the property there and then. However, if you haven’t sold your current property yet you might not have the finances to hand. If you also have a history of defaults, CCJs and a poor credit score, you might find yourself struggling to secure a loan.

This is where a Bad Credit Bridging Loan can help.

At Your Mortgage Options we are completely impartial and independent with access to the Whole of the Market. This means we’re able to place you with the right provider of a bad credit bridging loan or a poor credit emergency property loan that is best suited to your needs and circumstances.

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Benefits Of Speaking To An Advisor About Bad Credit Bridging Loans

Whole of Market Access

There are numerous types of Bad Credit Bridging Loan available, so only looking at deals from one lender means you’re unlikely to end up with knowledge of all your available options. Our Bad Credit Bridging Loan advisors have access to the whole of the market, including products that are not available from high street lenders.

We Are On Your Side

We work for you, not the lender and act solely in your best interests. Your Mortgage Options are whole of market, impartial and independent mortgage brokers. So you can be sure that the mortgage we recommend will be the best available Bad Credit Bridging Loan to suit your personal circumstances.

We Do The Hard Work For You

At Your Mortgage Options we are thorough in our whole of market research for Bad Credit Bridging Loans. We’ll also handle the whole process from beginning to end; including all the paperwork, and where appropriate, we even help with providing the solicitors and conveyancing.

We Consider Your Circumstances

We take the time to carefully assess your circumstances. This helps us to find the right Bad Credit Bridging Loan that works best for you. We guide you through all of Your Mortgage Options when helping you find a Bad Credit Bridging Loan to suit your individual needs.

Bad Credit Bridging Loans FAQs

A bridging loan is a temporary loan that bridges the gap in your finances until you can either repay the loan in full or secure a more permanent form of finance. Because they are usually secured against a property, some lenders are happy to welcome applications from you even if your credit history is not the best. This is what is known as a bad credit bridging loan.

While a poor credit score may present a minor setback when applying for bridging loan finance, it’s certainly not the nail in the coffin you might think it is. It is very possible for you to get the bridging loan you need even with a poor credit history, and our brokers can help you do it. Get in touch today to learn more.

Bad Credit Bridging Loans are available from a variety of lenders and range from around £25,000 to £25,000,000. Contact us today to find out how much you could borrow.

Bad credit bridging loans are typically processed very quickly, in timeframes ranging from the same day to a few weeks.

Yes. You may well be able to access Bridging Loan Finance to fund Property Development with less than perfect credit. The lenders look for a workable exit strategy and your plans of how you intend to repay the Bridging Loan within its term. Get in touch to speak to one of our  Bad Credit Bridging Loan for Property Development experts today and we can help you with all you’ll need to know.

Poor Credit Bridging Loans have a relatively high rate of interest and are a larger loan over a shorter term, ideal for “bridging the gap” for the short term. Whereas a mortgage is a low interest form of financing a home or property taken over a time frame of up to 30 years, so much better suited to longer terms.

Involving an Independent Mortgage Advisor to discuss your available options for Bad Credit Bridging Loans earlier on in the application process gives us more opportunity to help you and reduces the stress and disappointment of not being able to secure the finance that is tailored to your personal circumstances.

Bad Credit Bridging Loan can be used by private individuals, property investors and companies wanting to renovate property, or to develop a piece of land into one house or projects of multiple houses, even when their personal credit history is less than perfect.

Typically between 6 and 24 months, but there are exceptions to every rule.

we have access to the whole of the market and are totally independent, so there are many different terms for Bad Credit Bridging Loan available from various lenders. Our role in this is to ensure that you find the right Bad Credit Bridging Loan and that we place you with the right lender that’s best suited to your needs.

Bad Credit Bridging Loan are typically non-status loans. This is because Bridging Loans are secured against the property which you can fall back on if you’re unable to repay the loan amount when it becomes due.

Typically across the board, most lenders have arrangement fees of around 2% of the total amount borrowed. You don’t have to pay these up front as they are usually deducted from the sum that you are borrowing so if you to arrange a £100,000 Bad Credit Bridging Loan then you would receive £98,000 as an advance. Get in touch today to discuss all your options as we are completely impartial and independent with access to the whole of the market.

It’s standard proceedure when arranging a Bad Credit Bridging Loan for lenders to instruct property surveyors to carry out an independent valuation of the property or development, and the fee for this must be covered by the borrower. This gives reassurance that the property is of sufficient value to provide the security required to raise the Bridging Loan for Property Development and it also that the valuation of the property is accurate and realistic.

Yes. Legal fees will also need to be factored into the total cost of your Bad Credit Bridging Loan both on the lender’s legal fees and your own solicitors’ also.

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