“Short term finance can help bridge the gap between properties but it can be expensive. The right advice can make a big difference.”
Rebecca Egerton Cert CII (MP & ER)
Mortgage Adviser
Bridging finance is a type of short-term loan often used by property investors and developers. A bridging loan is borrowed over a much shorter period of time than a traditional mortgage and is used to inject liquidity for people who need it right away.
Our team of qualified mortgage advisers have access to bridging loans which are not available for buyers to access directly. Some bridging loans are only available through mortgage intermediaries. This means we have a wider choice of loans to choose from and possibly better rates. We can also talk through the pros and cons of taking out bridging loans and depending on your circumstances we may be able to present you with other cheaper potential options.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £595.00 To understand the features and risks ask for a personalised illustration.
At Willson Grange Mortgages we often see buyers use bridging finance when they purchase a property at auction. They use the bridging finance to purchase the property before they get a more traditional mortgage arranged via a lender. The loan is used as a bridge to get them from one step to another.
When home movers are in a chain, there can sometimes be a gap between the sale and completion dates of the properties. A bridging loan can pay for your next property while you wait for your current one to sell.
There are two different types of bridging loan. One is a closed bridge loan where you can inform the lender exactly how you will be paying it off usually within a few months. Open bridge loans do not require you to give exact details of how you will pay off the debt and you usually have longer to settle the money you borrowed.
There are many different providers of bridging loans so it is important to make sure that you are getting the best loan based on your circumstances. The interest rates on bridging loans are far higher than on many mortgages so they can work out to be very expensive. Also there are set up fees involved in taking out bridging loans so you need to be sure that first of all a bridging loan is definitely what you need and then also that you have got the best one. At Willson Grange Mortgages we offer an initial free of charge consultation to talk through your plans.
To get in touch with a member of our independent mortgage advice team you can fill out our contact form, send us an email or call our office and we will be happy to help.
Get in touch with our team of experts
✓ Independent, whole of market mortgage advice
✓ Experienced, qualified Mortgage Advisers you can trust
✓ Free of charge initial consultation to discuss your mortgage needs
✓ Excellent customer service proven by client testimonials
✓ Experts in many different types of property finance
✓ Access to intermediary-only mortgage products
✓ Saves you time sourcing and arranging the mortgage
✓ We help complete all the paperwork and online forms
✓ You receive regular updates on the progress of your application
✓ We are members of the Equity Release Council