Halifax Bridging Loan Review
Bridging loans are a type of loan designed for short-term situations where there is a funding gap.
They provide a temporary cash flow solution or ‘bridge’ in the short term, typically between 1 and 12 months, after which it is normally replaced with longer-term finance such as a mortgage.
The process for obtaining a bridging loan is normally straightforward and less time consuming than going through a standard mortgage application process. Like a mortgage, a bridging loan is secured against your property.
For the latest bridging rates, please call us today on 0117 313 6058 or complete our callback request form.
Bridging loans may be offered in amounts ranging from typically £25,000 to several million, depending on your circumstances and which lender you approach.
What situations might require a bridging loan?
You can use a bridging loan to:
- Beating the competition – When it comes to property, being able to move fast is often the difference between success and failure. A bridging loan can help you to secure a property quickly before it is snapped up by another buyer – even if you have not yet sold your current home
- Mortgage chain issues? – A mortgage chain can be frustrating and, in some scenarios, can jeopardise your property if the person you are buying from is not prepared to wait. Secure your ability to buy even if the home buying chain breaks down – for example, if the sale of your old house falls through, a bridging loan can allow you to still have sufficient funds to purchase the new house
- Buying at an auction property? Use a bridging loan to pay the required percentage needed to secure the property on the day of the auction. This will normally be 10% on the day and the balance at the end of 28 days.
- Development finance—If you are buying property to redevelop and need finance to get your project off the ground, a bridging loan could help.
To compare Halifax bridging loans with the market, call us today at 0117 313 6058 or complete our callback request form.