Unlike a mortgage, a bridging loan is a short-term loan that last from as little as one month to 18 months with the average length around 6 months. This makes it ideal for purchasing assets such as property at an auction for example and you can borrow the full 100% of its value rather than put down a deposit as you would with a buy to let mortgage.
As long as a plan is in place to pay back the loan at the end of the term or switch to another form of lending then it can be an excellent way to access the finance you need to invest. Fees and arrangements for these type of loans vary depending on the lender, so getting the best deal is essential. Green Mortgages can help you find the right bridging loan to suit your requirements.
We understand that speed and flexibility is everything when it comes to securing the best type of loan for you. That’s why we ensure that your application is not only precisely tailored to meet your needs, but gives the funder the understanding and comfort they need to agree the deal.
There are two types of bridging loans, open and closed. You will find on the market place that closed bridging loans will offer much more competitive rates than open bridging loans as there is more security for the lender due to the fact they are aware you have the ability to repay the lump sum.
Talk to one of our qualified mortgage advisors today to find out more.
Speak to us now on 01244 955 399 or request a callback from our team.