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Bridging loans are a form of short term mortgage lending. Bridging has traditionally been used by home buyers to 'bridge' the gap when buying a new property in situations where the sale of the existing property is delayed but the new purchase needs to proceed.
Bridging loans can also be used for a variety of other reasons. For example, if you are purchasing a property that is not suitable for mortgage purposes due to the property condition, but are funding a renovation to bring the property to standard, bridging finance can transform a non-viable purchase into a great opportunity.
This type of lending can also provide a quick line of funding in order to secure a property with a short completion deadline, such as those purchased at auction. Typically, a buyer must complete within 28 days of an auction purchase, which may be challenging to do with a standard mortgage, particularly if the property is in need of work.
There are a number of bridging finance options available in the market and our expert specialist mortgage team can help you find the right solution for you. We will consider bridging finance compared to other solutions, where applicable, and discuss the most appropriate mortgage for your needs.
A crucial element of any bridging arrangement is the exit plan. Our advisers will map out the whole plan with you to ensure the financing is as robust as possible, allowing you to focus your time and energy on your property.