Posted on October 22nd, 2011 in All, Information.
Non Status Applicants
Bridging finance for non-status applicants can be harder to obtain. This type of loan provides for the immediate funding of money when the purchase of a new home and the sale of the old home are not timed well. This loan allows you a way to get the money needed in the interim. This type of advance is a short-term loan, ideally to be paid back within 6 months, upon the finalized sale of the first home.
Poor Credit History
Bridging loans for non-status are for those borrowers who may have little or poor credit or financial situation. For these types of borrowers, obtaining any loan may be difficult. It may take longer than usual to complete a traditional loan and many people fear it can take longer to complete this type of advance as well.
UK Residents
It is available to all UK residents over the age of 18. In most cases, there is no need to check credit scores, employment records and tax records. The mortgage of the new property has taken these things into account. The financial institution will view this mortgage and use the new property as collateral.
Fast Approval Process
The bridging loan, non-status, is a short-term loan. It is intended to be paid back within a short time, under a year. The loan is secured by the new home and therefore, there are not as strict guidelines as there are for traditional loans. The more money you need to borrow, the more closely the bank will need to look at such things as credit and employment. Simple loan financing may take only a few days from start to finish. If the bridging finance is non-status, the less money needed to be borrowed, the shorter amount of time it will take to complete the approval process.
Non Status Bridging Finance
The bridging finance non-status is a good solution for those in need of funds before their old home sells. Be sure to have as much information ready for the lender as possible, including the new mortgage information and the appraisal on both homes. Even for those with poor credit, this type of advance may be a great way to be able to complete your transaction quickly.
