Bridging Finance

Bridging Finance is a form of short-term finance, normally used to "bridge" the gap between the sale of one property and purchasing another, although they can be used for auction purchases, as well as larger redevelopment or renovation of properties ahead of obtaining a standard mortgage. 

 

They normally present a higher risk to the lender and so they may charge higher than normal mortgage rates, however as they are short-term and designed to fulfil a specific short-term requirement, provided the exit is palpable, then a bridging loan could be suitable. 

 

Lenders understand that time is normally critical and so bridging loans can be completed in as little as 48 hours.

 

Bridging Finance can be used for:-

 

  • Buying a bargain property at ‘ Below Market Value

  • Buy a property which is deemed ‘Un-mortgageable’and requires significant refurbishment.

  • Moving home before your current property is sold

  • Buying a property at auction and needing funds quickly to complete on the purchase

  • Raising cash to buy a Business, Purchase Stock or perhaps buy out a Business Partner

  • Raising cash to pay a Personal or Business Tax bill

  • Raising cash to stave off a repossession order

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Auction Finance Mortgage Advice Mortgage Broker

Finance to be used when considering purchasing at auction

Auction finance

Closed-Bridge Loans Mortgage Advice Mortgage Broker

Short term finance to bridge the gap between the sale of one property and the purchase on another.

Closed bridging  loans

First Charge Loans Mortgage Advice Mortgage Broker

Looking for a mortgage to purchase a residential, buy to let, HMO or commercial property?

First-charge loans

Open-Bridge Loans Mortgage Advice Mortgage Broker

Bridging Finance where the exit is not clearly defined

Open bridging loans

Second charge loans Mortgage Advice Mortgage Broker

Homeowner loans for any legal purpose

Second-charge loans

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR
PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

Legal Information

.The Money Bee, which is a trading style of Promise Solutions Ltd and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774. Data Protection Reference Z8661889
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

Terms and Conditions

There may be circumstances where we need to charge a fee.  In these instances, we will notify you at an early stage which could be £125.00 upon application and an arrangement fee up to 1% of the advance subject to a maximum of £2500.00, on receipt of the mortgage offer.

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2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

 

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker/processing fee and £125 application fee. Total repayable £119,873.

 

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, the total charge for credit is £42,584.52 which includes a £2,690 broker/processing fee. Total repayable £105,584.52.

 

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.