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Refinance of Existing Bridging

RE-BRIDGING FINANCE

This is when the current bridging loan needs to be repaid and the original plan hasn’t worked out. You may be looking for a lower rate or the build may have been delayed and the current lender wants to charge default rates. We’ve seen these as high as 3% per month.


POINTS TO CONSIDER WHEN LOOKING FOR RE-BRIDGING FINANCE


  • Term of the mortgage, as often lower rates are quoted for shorter terms but if you don’t repay on time the rates can be much higher;
  • Does the lender require a valuation as not all lenders do;
  • Don’t just focus on the interest rate. Add all the costs up to compare one lender to another;
  • If using a broker ensure they fully understand bridging and don’t go through a third party. This will increase the costs and be slower;
  • What is your exit, what is your Plan B, C  etc. Work on this before you apply for the loan.

PRODUCT TERMS


  • 1-24 month options;
  • Up to 75% of value;
  • Choice of daily or monthly interest rates.

 

Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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