Bridging Mortgage (BRIDGE24)

This mortgage allows you to purchase a property and / or remortgage from another lender. The maximum Loan to Value (LTV) is the amount of a mortgage expressed as a percentage of the purchase price or valuation, whichever is the lower. The maximum loan term for this mortgage product is three years.

Interest Rates

Period of loan Rate Payable Additional Information
Month 1 onwards 7.60% variable rate £250 application fee
The overall cost for Comparison is 7.80% APRC 2% product fee (less the application fee)

 

Key Features

Application Fee £250 (payable on application and non-refundable)
Product Fee 2%
Valuation Fee

£525 per property for properties up to £500,000 in Wales (subject to confirmation from the valuer) and by request per property for all properties in England / properties over £500,000 in Wales. (Some properties depending on type may require a specialist valuation regardless of their valuation and a fee quotation will be required).
Maximum Loan to Value (%) 60%
Loan size £50,000 to £1.5m
Repayment Type

Interest only. All borrowers will be required to provide evidence of how they intend to repay their interest only loan.
Early Repayment Charge No Early repayment Charge applies to this mortgage product. 
Overpayments

Regular overpayments are permitted. Regular overpayments are amounts collected with, in addition to, your monthly mortgage payments. You may make capital repayments without an early repayment charge being levied. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay is reduced immediately.

 

Further Information

  • For house purchase, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation whichever is the lower.  
  • Minimum income = £27,500
  • This mortgage is not portable and accordingly, if you move house, you will not be able to transfer these product terms.   
  • For loans above £1.5m, please contact us to discuss.   
  • Mortgage interest is calculated on a daily basis.
  • Our Mortgage Services Tariff gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.  
  • Loans are available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required.  All lending will be subject to the financial standing of the applicant(s).

  • The Society will take a charge over both properties where applicable and a separate valuation fee will be charged for each property used as security.

  • Max loan term = 3 years.

Representative example: 

Based on a loan of £500,000 for 3 years, on a discounted variable rate of 7.60% for the term of the mortgage the total amount payable would be £624,774.78 made up of the loan amount plus interest repayable by 1 monthly instalment of £3,271.45 followed by 299 monthly instalments of £3,166.67.

Charges included in the total cost of the loan are:

  • application fee  - £250
  • product fee - £9,750
  • valuation fee - £525
  • CHAPS payment fee - £20
  • Property release fee - £125

The overall cost for Comparison is 7.80% APRC representative

 
Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Carmarthen Branch

13-14 Lammas Street,
Carmarthen SA31 3AQ

Tel: 01267 611950
Fax: 01267 611951

Cowbridge Branch

75 High Street,
Cowbridge CF71 7AF

Tel: 01446 506000
Fax: 01446 506001

Mumbles Branch

496 Mumbles Road,
Swansea SA3 4BX

Tel: 01792 739200
Fax: 01792 739201

Swansea Branch

1-4 Portland Street,
Swansea SA1 3DH

Tel: 01792 739100
Fax: 01792 739101

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