UK Bridging Loans - A Brief Guideby Ken Barnes
Bridging Loans are available for a whole range of financial purposes and can be arranged on the basis of a 1st , 2nd or even 3rd charge equity release. They are generally used as short term loans, arranged when you need cash to bridge a financial gap. They are a very useful option if you need cash for a brief period before you are able to source financing by other means or if you may loose a property purchase whilst waiting for your mortgage to be arranged.
Mortgage Interest Rates
Of course you could get a traditional loan, but this can take longer and the loan terms might be too long or the amount offered too low.
The very nature of these loans usually means that other finance is being arranged, consequently the loan is almost guaranteed to be paid off in full and on time. Which means Lenders are generally much quicker in processing applications in order to get the deal. Loans are quick to arrange, often within a matter of days.
Working with a qualified Broker who understands the process of equiring a bridge loan is the quickest and easiest route to a favourable rate and good terms. Most Brokers will not even charge you a fee for this service, their fee instead coming in the form of a commission from the Lender.
By using a Broker you can get your application in front of numerous Lenders quickly, compare their offers and end up with several who are willing to compete for your business.
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