Bridging Loans (UK)
Please read our guide below for further information on 'bridging loans' or click on the link in order to be taken to our main website:
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Name – Bridging Loans
First name: Bridging Loans
Last name: Bridging Loans
Nick name: Bridging Loans
GUIDE
A bridging loan is a sort-term loan (usually up to 12 months) secured against an existing property or a property to be purchased. Bridging loans are available on a ‘status’ (income must be proved) or self-certification basis (no proof of income required)
Bridging loans are a very fast and flexible method of raising finance. There are two main types of bridging loan: the 'closed' bridge and the 'open' bridge.
A ‘closed’ bridge is only available to homebuyers who have a mortgage offer in place for a property purchase or a signed contract in place for a property sale.
An 'open' bridge is available to homebuyers who have found their desired property but may not have put their existing home on the market or are stuck in a chain and unable to complete on the sale. It can also be used for many other purposes – see examples below.
The following are typical bridging scenarios:
* Buying at auction
* Equity release
* Avoiding a chain – buy your new home before your present property has sold
* Property conversions / development
* Stop repossessions
* Short-term cash flow – to release equity quickly from the property i.e. to cover a tax shortfall
* Discounted purchase – to enable you to buy a property at below market value on the condition of a quick completion
Bridging finance is available on both a residential (to 75/80% loan to value) and commercial basis (65/70% loan to value).
Call us today for free advice on Bridging Loans.
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