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Bridge Mortgage Loans !
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A bridge loan mortgage is an advance that helps
to provide money to the buyer for new property when the
current property has not yet been sold.
This type of advance is available quickly to
allow the new sale to proceed. It
is then secured with the property purchased.
The property can be foreclosed if the borrower
fails to make the necessary payments.
Here are some fast facts about these types of advances.
- Receive up to 85% of the value of your home/property.
The more money you need to borrow, the more complicated
the process and the longer it may take to secure your
funds.
- Quick advance process The bridge mortgage loan
is structured to be able to be processed quickly,
providing a fast fix to buying situations. The whole
process usually takes less than a week.
Some finance companies are now offering easy
types of this financing that are available in just one
day.
- Easy Application this type of advance is available
to all UK residents over 18 years old. The applications dont usually involve a credit check or
employment record because this advance is based on the
borrower already having secured a home credit.
- Short-term advance most bridge mortgage loans are
to be repaid within a year with the average time for the
advance being 6 months.
- Higher interest rates Most banks and financial
institutions offer these advances with interest rates
that are higher than traditional financing.
- Repayment penalties These types of advances
usually have strict penalty fees when payments are
late. If the credit is not paid the finance
company can foreclose on your property.
The form of financing is an easy type of advance that
will help you get the funds you need to proceed in the
purchase of your new home while selling your old
one. The purpose of these advances is to give you
the ability to continue with a purchase even when the
sale of your old home has not yet been completed. Bridge
loan mortgages can be very helpful in this type of
situation. Be sure to read and understand the
terms of your finance agreement before signing.
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| Who's Suited |
- Purchasing
property at auction.
- Property refurbishment or conversion.
- Chain breaking mortgages.
- Homeowners who have been or about to be repossessed.
- Funds required within days not months.
- Short-term finance for business purposes.
- Commercial property purchase and refinance. |
| Features |
- 100% LTV
Available.
-Market leading rates from 0.75%.
-1st charge or second charge equity release. |
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