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Bridging Loan Broker

A Bridging Loan is a short -term loan and best described as a temporary loan which gets you from A to B, until you can either repay the loan in full or secure a more permanent form of finance.

Whilst conventional loans, and bridging loans can both be used for the purchase of a property, they have different requirements and processes and in reality the speed of getting cash in your account is the main difference between the two.

Traditional loans have a long-term repayment span of 15 to 30 years and all too often have a low-interest rate due to the longer repayment period.

Bridge loans, on the other hand can be processed much faster and have a higher interest rate because of the shorter term of between 6 to 12 months.

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.

They are also sometimes referred to as “Emergency Property Finance”, “Gap Financing” or “Interim Financing” and can be very useful when property has been purchased at auction. In such an event, you would need the money immediately to buy the property you have just purchased, but you might not yet have sold your current property. As a result, you require access to finances fast, which is where a 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 Bridging Loan Finance, or an Emergency Property Loan that is best suited to your needs and circumstances.

Our brokers have experience working with different types of bridging loans including:

bridging loan finance

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Benefits Of Speaking To An Advisor

Whole of Market Access

There are many different types of mortgages available, so only looking at deals from one lender means you’re unlikely to end up with the best option. Our mortgage advisors have access to the whole of the market, including products not available from high street lenders.

We Are On Your Side

We have access to all the lenders and we work for you. Not the lenders and we act independently and solely in your best interests. You can therefore be confident that the Bridging Loan we recommend will be placed perfectly to be the best available product to suit your specific circumstances.

We Do The Hard Work For You

At Your Mortgage Options we leave no stone unturned in our whole of market research. We also handle the whole process end to end, including all the paperwork, solicitors and conveyancing.

We Consider Your Circumstances

We take the time to understand your individual circumstances. This helps us to find the right mortgage that works for you and your family. We will assess all that you can realistically afford and guide you through Your Mortgage Options.

Bridging Loan Finance FAQs

The amount you can borrow depends on your personal situation, your household income and current credit commitments. All lenders have different ways of calculating what someone can borrow.

You will need a minimum of 5% deposit. The more deposit you put in, the better the interest rate will be. E.g. If you have a 20% deposit then this will get you a better rate of interest than with a deposit of 10%

A bridging loan has a relatively high rate of interest and is a large loan over a short term, ideal for securing a property. Whereas a mortgage is a low interest form of financing a home taken over a time frame of up to 30 years, so perfect for the long term.

Involving a mortgage advisor 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 a mortgage that suits your needs.

Bridging Loans Finance can sometimes be processed very quickly, in timeframes commonly ranging from as soon as a few hours to a few weeks.

Yes, you may be able to access Bridging Loan Finance with Bad Credit. Lenders tend to look for a solid exit strategy and at the plans of how you are going to repay the loan. Get in touch to speak to one of our experts today and we can help you every step of the way.

Bridging Finance has a relatively high interest rate and is over the short term. Whereas a mortgage is a low interest form of financing a home taken over a time frame of up to 25-30 years, so better suited to longer terms.

It depends. Expect it to be commonly between 6 and 24 months. Because we have access to the whole of the market and are totally independent, there are many different terms available from every lender available.

Our job is to ensure that we find you the right Bridging Loan and place you with the lender that’s best aligned to your needs.

Across the board, lenders tend to have arrangement fees of around 2% of the total cost of the loan.

This means that you don’t have to pay these in advance as they are deducted from the sum that you are borrowing.

So were we to arrange a £100,000 bridging loan for you then you would receive £98,000 as an advancement in as quickly as a few hours. To learn more, get in touch with one of our qualified professionals today.

It’s standard proceedure that when assessing bridging loan finance that the lender will instruct a solicitor to check the legalities of the property sale and also an independent property surveyor to carry out a valuation of the property.

Asually, the fees for these will be covered by the borrower.

This ensures the property will legally be yours at the end of it all and that it is worth enough to provide the security that it needs to raise the Bridging Loan Finance.

It also that warrants that the valuation of the property is accurate and validated.

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