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What are bridging loans?
Bridging loans provide a short-term borrowing option secured against your property.
Bridging loans have become more widely available, although they aren’t usually offered by high street banks.
Our customers typically borrow money for up to 12 months, at a fixed rate of interest with no monthly repayments.
Any accrued interest on the amount borrowed is repayable once a customer has arranged their refinancing; through a mortgage or the sale of a property.
Why use bridging finance?
There are many reasons for using bridging finance:
- To 'bridge' the gap between the sale of an old house and the purchase of a new one (often referred to as chain-breaking)
- To purchase a property quickly i.e. at auction when a traditional mortgage would take too long to complete
- To buy a property that is ‘non-mortgageable’, enabling refurbishment, conversion or extension of the property, until a traditional mortgage is available
- To repair adverse credit which enables customers to re-mortgage once their credit history is acceptable to mortgage lenders
- Self-employed customers use bridging finance whilst they improve their company accounts to satisfy residential mortgage lenders requirements
- Property investors often use bridging to buy and refurbish property ready for a longer term Buy-To-Let Mortgage, or even if they intend to sell on (often referred to as ‘flipping’)
The benefits and uses of bridging finance are plentiful, so it makes sense to give our specialist team of advisers a call to see if we can help. Call us on 0800 470 2435 or click below to request a call back.
Why Fluent Bridging?
At Fluent, we understand that in order to navigate this varied marketplace you may need a helping hand, especially if you are new to bridging finance.
We appreciate that giving the best advice is very important. Our CeMAP qualified advisers follow strict rules and guidelines, ensuring that they recommend a loan that is right for you, based on your individual needs and circumstances, from our extensive panel of lenders.
Get in touch with Fluent Bridging on 0800 470 2435 or request a call back today to see how we can help you.
There are no upfront fees charged for the initial consultation, and we are waiting to take your call.