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Residential bridging loans

If you need to get finance quickly to get your hands on your dream property a residential bridging loan could be the ideal solution for your needs. Companies that specialise in providing bridging loans for residential purchases can provide fast, effective solutions for your finance needs. There are many benefits to opting for a bridging loan, which can be used for purchases and refinancing.

Getting a traditional mortgage is something that most people do when buying a property or refinancing, but this is a process that can take a lot of time to process, especially in the current climate where lenders are carrying out more stringent checks, which can increase the likelihood of huge delays and even result in applicants being turned down.

By the time all of the checks have been carried out the property that you want may no longer be available, even if you are accepted for a traditional mortgage. There is a lot involved in getting a traditional mortgage sorted out, such as income checks, credit checks, completion of lengthy applications, and long winded processing procedures and times. All of this can add time to the application process and at the end of it all you could find that you still get turned down for one reason or another.

This is something that can have a huge negative impact on those that need to complete on a property purchase sooner rather than later, or those that want to get a bargain price on an auction property. However, there is help at hand and this comes in the form of a bridging loan which can provide you with fast finance to complete your purchase.

The benefits of bridging loans

There are many benefits to opting for a bridging loan rather than risking all on the lengthy processing and waiting times involved in traditional mortgage applications. Some of the benefits that you can enjoy when you opt for a bridging loan include:

- A Loan to Value ratio of up to eight percent

- Terms that range from between five years and fifteen years, so you can choose the loan term that best fits in with your finances and preferences

- Interest only terms to keep your repayments down, as you will only have to pay the interest rather than capital and interest as you   would with a repayment mortgage

- Low rates for longer term mortgages to help keep your repayments at a minimum

- Quicker processing times so there are fewer delays to worry about

- Ability to borrow through specialist lenders to help find a loan that is tailored to your needs

- Fast decision on your application