It is ideal for those customers who have identified a property but for whatever reasons they are not going to be able to sell their current house first. It is cheaper than bridging and we can lend 100% of the purchase price, subject to a maximum LTV of 60% across both properties.
As the loan is serviced and not roll up interest, we will need to undertake an assessment of affordability and the short term lending can be on interest only if the repayment strategy is ‘sale of property’.
A bridging loan is a type of loan designed to help cover a financial gap between buying one property and selling another. Bridging loans provide a fast, flexible and cost-effective option for those looking to purchase a new property in a hurry, but do not have the necessary funds available.
Bridging loans are typically used by those who require quick access to funds to purchase a new property, while they wait to sell their existing home. These loans are usually provided for a short period of time, usually between one and thirty-six months, with the loan amount usually based on the value of the existing property that is being sold along with the value of the new property being purchased.
Bridging loans are a great option for those looking to purchase a new property quickly. They are also a great option for those who are looking to purchase a property that is being sold off-market.
When applying for a bridging loan, borrowers should be aware of the fees and charges associated with the loan. These can include arrangement fees, legal fees, valuation fees and as well as the interest rate charged on the amount borrowed. It is also important to be aware of the repayment terms of the loan, as the loan will need to be paid back in full by the agreed repayment date.
Overall, bridging loans offer a fast and flexible way to purchase a new property without having to wait for the sale of the existing one. By applying for a bridging loan, applicants can benefit from a flexible repayment period and access to much needed funds.
At Swansea Building Society we offer bridging loans to help you bridge the gap between buying and selling a property.
A bridging loan can help you finance a property purchase while you wait for the sale of your existing property to complete. It is short-term funding guaranteed against a property, allowing you to access funds quickly and easily.
Our bridging loan is tailored to meet your individual needs and can be used in a variety of different ways, such as helping you to:
As a trusted building society, we offer a range of short-term bridging loan options to suit your needs. We understand that every situation is different, so we provide flexible loan options and competitive rates to meet your unique financial requirements.
When you take out a bridging loan with Swansea Building Society you will benefit from:
At Swansea Building Society we are committed to helping our customers bridge the gap between short-term needs and longer-term solutions. We understand that life can throw unexpected curveballs, so we provide flexible loan options and competitive rates to help you get through difficult times.
Our experienced team of managers are on hand to discuss the best solution for you. We’ll work with you to find the right option for your individual circumstances.
We understand that taking out a bridging loan is a big decision. That’s why we’re dedicated to providing you with an efficient and professional service, so you can get the funds you need quickly and with confidence.
Maximum Loan to Value of Property (LTV)
Variable Interest Rate
The overall cost for comparison is*
APRC based on a loan value of:
|Bridging Mortgage (BRIDGE24)
Standard Variable Rate (SVR) for term of loan