Bridging Loans |
A bridging loan is clearly a high risk financial transaction which requires very careful thought. If you have made a thorough assessment of the risks involved, we will be happy to listen to the requirements of your client. Each enquiry is assessed individually with the aim of providing a solution that is right for them. For example, they may only expect to have the bridging facility for a couple of weeks simply to avoid the inconvenience of moving out of one property on the same day that they move in to another. Alternatively, they might have two properties to sell and know that they cannot both be sold on the same day as their purchase. The terms that we offer will depend on their requirements, but we will confirm these to you as soon as we have assessed the situation. The following information may help you, but please remember that each enquiry is treated individually: |
|
| Minimum loan: | £100,000 |
| Maximum loan: | £1.8 million |
| Value of property: | Not less than £250,000 |
| Max Loan to Value: | 75% of the property value |
| Current variable rate: | From 6.19% * |
| Overall cost for comparison: | 7.70% APR * |
| Portable: | Yes |
| Ages: | Min 18 - no maximum |
| Valuation fee: | See Scale |
| Arrangement fee: | Dependant on individual circumstances** |
| Administration Fee: | £25 |
| Available for new purchase: | Yes |
| Available for remortgage: | Yes |
| Early repayment charge: | None** |
| Deeds Release fee: | £50 |
| Redemption fee: | £75 |
* The actual rate payable will depend upon your Client's individual circumstances, please ask for a personalised illustration. **A reduced Arrangement Fee can be agreed where a mortgage with the Society will be retained after the sale has been completed and when an Early Repayment Charge is accepted on the mortgage. Further details available on request. To discuss your Client's requirements, either complete our on-line Enquiry form or telephone our Mortgage Department on 01582 765411. Building insurance cover is required and can be arranged by the Society. |
The Society is authorised and regulated by the
Financial Services Authority