Bridging Loans
What is a Bridging Loan?
A Bridging Loan is used to cover shortfalls between buying one property and selling another. Prime examples of when you might need a bridging loan would be if you're poised to buy a new home and let down on the sale of yours or buying property at auction.
It is, in effect, a very short term mortgage - a loan that is secured against property. Bridging loans can be used for reasons other than buying and selling property:
- Holidays
- Weddings
- Cashflow
- Inland revenue payments
- Business capital finance
- Development finance
- Land purchase and overseas property
Bridging Loans – Short Term Finance
Hoare Jacques Financial Services, has access to a number of high street , specialist and niche lenders throughout the UK and will get you the best possible deal.
Our bridging loans and short term funding are designed to suit your individual requirements and we have access to exclusive lending facilities match or beat any arrangements you may have already been offered.
We can arrange bridging loans from as little as £15,000 upwards on a first or second charge basis. Terms are available from 1-12 months with extensions available. Interest rates are very competitive.
Loan Security
Any type of residential, semi-commercial or commercial property or land in England, can be considered as security for a bridging loan.
Flexible Repayment Options
Repayments designed to suit your personal circumstances. Some lenders allow you to specify how much your monthly payments will be and even defer payment for a period of your choice. There is no minimum or maximum period for a bridging loan.
Payments are interest-only, due one month after the completion of the loan and monthly after that. Payment holiday schemes are available where payments can be rolled up for an agreed set period.
On all bridging loans, capital lump sums can be repaid which will reduce the capital balance outstanding and monthly repayments.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
For mortgage advice you can choose how we are paid: pay a fee, usually 1% of the loan amount, or we can accept commission from the lender, or a combination of both.
Contact our Eastbourne office today on 01323 721721 to speak to one of our Mortgage Specialists Independent Financial Advisers or complete our enquiry page for an unbiased review of your mortgage requirements or email us:- info@hoarejacques.co.uk