What are Bridging Loans?
Bridging loans are available for people who are seeking fast access to funding. The loans are a temporary short term option and will normally have a maximum loan term of 18 months and will usually be secured against your home. Ordinarily, bridging finance is turned to as a last resort due to the nature of the product which attracts much higher interest rates than traditional mortgages. It is always advisable to seek specialist advice from an independent financial advisor who can determine whether bridging finance is the best option for you, or whether another financial product would be more suitable for you. They will also have knowledge of the market and recommend the best product for you.
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The Benefits of Bridging Loans
The benefits of bridging finance are now more widely recognised, with borrowers taking advantage of the facility to release large sums of money quickly. We can offer expert guidance through all of the procedures involved.
The key points of our service are :
- We are approachable and friendly;
- We provide an efficient service using technology to ensure transactions complete as soon as possible;
- We make sure you can easily understand the process;
- You will have your own dedicated file handler who will provide you with regular updates;
- You can have a face to face appointment with one of our solicitors, in your own home, for the purpose of signing the legal documentation required;
- Our advice is always impartial and independent;
- We act in your best interests at all times;
- A full quotation of our charges is made at the outset with no hidden fees.
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What is Bridging Finance Used for?
- To bridge the gap between buying a property and selling a previous one;
- To assist with the purchase of a property at auction;
- To assist with the purchase of an uninhabitable property which cannot be mortgaged;
- To assist with the purchase of a leasehold property with a short lease with a plan to purchase a lease extension.