What is Property Bridging Finance
Property bridging finance is a debt form that allows borrowers to make payments on their debts in the same way they would pay off their mortgage. In many cases, this can be done without the need for additional funds to cover the interest payments.
How does bridging finance work?
Bridging finance is a short-term loan. It allows you to bridge the gap between your existing credit line and what you can afford to borrow in order to pay off some debts, or make a home improvement project happen. The interest rate on this type of loan can be as high as 30 percent, but it usually sits around 10 percent.
How much does bridging finance cost?
To determine the cost of bridging finance, it’s important to understand its purpose. Bridging finance is a type of loan that allows you to pay off your existing mortgage loan and keep moving toward owning your home.
How do I apply for Bridging Finance?
To apply for bridging finance, fill out the appropriate application form. The form will ask you to list all your assets (including bank accounts and stocks) as well as your debts (including student loans and credit cards).
Bridging Finance - How long?
In most cases, it takes about 6-8 weeks to close. This is the time required for you to get your preapproval letter, and then apply for a loan with your lender. Once you’ve received approval from your lender, they will send out their appraisal and documentation to their underwriting department. They will review everything, and take anywhere from 1 week to several months before they make arrangements for you to complete on the property.
Get in touch with our highly experienced bridging finance team today to discuss your bridging finance requirements, covering all of the UK.
Bridging Rates - Bridging Finance rates available from 0.4% per month.
