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Are Bridging Loans Available Nationwide?

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Does location affect a bridging loan application?

Location is a big factor in underwriting a bridging loan application as the security offered is crucial to the success of an application.

The location of a property impacts the perceived quality of a property, including the following areas:

  • Value
  • Demand
  • How quickly properties sell
  • The discount required for a quick sale
  • Whether other lenders would be willing to lend against the property

Of course, this is only one of the checks carried out by bridging loan lenders, but it is an important one.

Can I get a bridge loan anywhere in the UK?

While location is important, bridging loans are available throughout the UK including England, Wales, Scotland and Northern Ireland.

Certain locations have their own quirks and may be restricted in terms of the number of lenders who are active in the market. In this guide, we break down some markets and provide an overview of the bridging market there.

Bridging finance in London

London has a very active property market and as such, a very strong bridging loan market.

Ultra-prime property, such as Knightsbridge, Kensington, Chelsea, Westminster and West Brompton can provide its own challenges to lenders. As the market for such property is very restricted (as very few can afford them), lenders may be reluctant to lend at higher loan to values.

Additionally, not all lenders are happy to lend in the millions, some restrict loan sizes, whereas others are happy to offer very large loans.

When looking to borrow against these properties, you may consider working with an experienced bridging loan broker.

Bridging loans in Wales

The market in Wales in strong, and generally on par with most locations in England.

Lenders are keen to lend in Wales, with rates starting at 0.43% per month for residential bridging loans.

Low rates and a large choice of lenders are available for both unregulated and regulated bridging loans.

Bridging loans in Scotland

The market in Scotland has improved dramatically in recent years. That said, it is still relatively restricted compared to the market in England and Wales.

This is due to the differing property laws in Scotland, which some lenders find it difficult to comply with them and as such, cannot lend.

The location within Scotland is key, with borrowers in Glasgow, Edinburgh and other well populated areas usually getting a better deal than those in more rural areas. This comes down to the liquidity of the property market in these locations.

You may find it more difficult to secure a high loan to value when borrowing in Scotland, especially when taking out a loan secured against commercial property or land.

Bridging loans in Northern Ireland

The choice of lenders in Northern Ireland is very restricted compared with those available for borrowers in England, Wales and even Scotland.

This could result in being offered a higher interest rate, which mean the cost of taking out bridging finance increases.

The key to a successful application is your exit strategy and specialist advice from an experienced professional.

How can I make sure I get the best deal possible?

The terms offered usually improve for applications at a lower loan to value, so your deposit is key. Putting down a larger deposit will result in a better deal.

As mentioned above, your exit strategy gives a lender comfort that they will be repaid without issue at the end of the term. By ensuring that your exit strategy is watertight, you’ll open yourself up to much cheaper products.

Your credit history and experience are also key, but of course, these can’t generally be changed when taking out a new loan. If you have suffered adverse credit, you may still be able to get a bad credit bridging loan.

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