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Bridging Loan

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What is a bridging loan ?

A bridging loan is a loan that is secured against a property they are short term in nature (up to 2 years) . They help to “bridge” the gap between say selling a new home and buying a new home.

 

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What are Bridging Loans used for?

There are quite a few reasons for a bridging loan to be used :

  • In situations where people would like to buy a property but are waiting for the sale of their property
  • To quickly purchase a property for example of a chain was to break.
  • To buy and  refurbish a property
  • To buy a property that needs to be completed quickly
  • To purchase a property at auction
  • Divorces settlements
  • to quickly release cash through temporary funding
  • Paying tax such as IHT or probate issues
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How do Bridging Loans work?

Bridging loans can be taken out on a first or second charge basis A first charge basis would be assuming there wasn’t another mortgage on the property . A second charge basis would be if there was already an existing mortgage.

The Bridge lender will want assurance that the loan will be able to be repaid and will want to see a  viable way that you will be able to pay off the loan after the term which is often after 1 year. Viable options of repayment are often selling the property or obtaining a mortgage.

As they are short term loans that are often less than a year the loans are charged on a monthly interest  rate. This interest rate can often be rolled up onto the loan so you don’t have to  make monthly payments although the whole loan plus interest will have to repaid at the tend of the term.

You can usually borrow up to 75%  of the value of the property.

 

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Looking for a development loan

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Super helpful and friendly with offering mortgage advice and I really felt he understood our situation. Everything was very smooth and efficient. I also really appreciated being able to speak to him in the evenings rather than only be available in office hours. Would use again and highly recommend.

Charlotte Barnett

Gave fantastic service and found not only a great mortgage deal, solicitor and life insurance policy for us but was always on hand to support throughout our house sale and purchase. T horoughly recommend his service 5 stars will definitely use again.

James Cook

Was incredible and found us the best deal out there! Wouldnt hesitate to recommend to anyone

James Simpson

Meeting Ryan has been a breath of fresh air and such a simple process. We had complicated circumstances with being self employed amongst a few other things but within a couple of weeks we had a suitable mortgage offer and the week after the application was in process. Ryan has been incredibly efficient in every way and i can't thank him enough.

Debi Dudding

I received a top notch service from these guys. Ryan was relaxed but on the ball with everything and was able to assist me throughout the process. He was approachable by email and phone, the communications were really very good

Coll Faragher

Helped us out so much in finding the right mortgage for us and navigated us through the whole process easily and smoothly in what wasn't a straight forward mortgage situation. Super friendly, easy to get on with and above all, knowledgable

Lucy Jenner Brown

Providing mortgage advice in Cornwall for over 14 years

Our mortgage brokers in Cornwall and offer both telephone and face to face advice. You will always speak to qualified advisor who will expertly help you.

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