Which Residential Bridging Finance Options Are Available?
Taking out a short-term bridging loan against your own home start at interest rates of 0.48% per month for loans up to 50% loan to value (LTV). As a trusted broker that works closely alongside a panel of reputable lenders, we can offer loans at 75% LTV at 0.75% per month.
We can look at residential 1st and 2nd charge lending and can consider unusual security.
Where you have failed to repay a current bridging loan, we can also consider re-bridging loans.
How Much Can I Borrow?
We can offer residential bridging loans from £25,000 with no maximum loan size. The maximum loan is usually restricted by the LTV, with 75% LTV usually being the maximum. This will vary from lender to lender as their loan terms differ. In our role as an experienced broker, we can help to secure you the best deal – getting you the funding you need with a repayment plan that fits with your circumstances.
When Would You Take Out A Residential Bridging Loan?
There are a number of reasons to take out a residential bridging loan as opposed to a mortgage, some of the more common ones are:
- To raise funds quickly for business or property investment opportunities
- To extend the lease of your property before selling
- To fund the refurbishment or extension of your home
- To complete the purchase of a property at auction
- To purchase a new property before your current home is sold
- To raise the funds needed to pay your debts as they fall due, for example paying a petition for bankruptcy
The above are examples, although we can consider residential bridging loan applications for almost any situation.
Is Residential Bridging Finance Available To Anybody?
Although there are certain criteria that must be met, we can consider applications for people who are going through a period of bad credit. We have lenders available who are happy to ignore adverse credit subject to having a suitable exit strategy in place. You can learn more about this in our Bridging Loans For Bad Credit guide.
Is There Risk Involved With Residential Bridging Finance?
Yes, when securing borrowing against your home, there will always be risk involved. Should you fail to repay your bridging loan when due, your home may be at risk.
Failure to repay can result in repossession, which makes expert advice of vital importance when taking out residential bridging finance.