Tesco Bank currently offers an extensive portfolio of personal banking services for the everyday consumer. Mortgages, credit cards, savings accounts and so on – all with competitive rates of interest and low borrowing costs.
Commercial and business banking services are however off-limits at Tesco Bank. As a result, Tesco Bank bridging loans don’t currently exist. Personal loans are available from £7,500 to £25,000, along with mortgages with no specific upper-limit. Nevertheless, with inevitable delays and complex application processes, certain borrowing requirements simply aren’t met by Tesco Bank.
When to Apply for a Bridging Loan
A bridging loan is an affordable, accessible and flexible alternative to a conventional mortgage. If you’re planning to buy a home with all the time in the world, a Tesco Bank mortgage could be right up your street. But what if you’re offered an unmissable deal on the property of your dreams, which is only available for the next two weeks? What if your dream home goes under the hammer at auction, but you haven’t yet closed the sale on your existing property?
In both instances, a bridging loan could ensure you don’t miss out. Secured on the applicant’s existing property, a bridging loan provides quick and convenient access to sums of cash from £25,000 to £25,000,000. Designed to be repaid within a matter of months, the loan is typically paid back when the borrower’s current property sells. Best of all, bridging loans often attach unbeatable interest rates and rock-bottom borrowing costs. So if you need to get your hands on a decent sum of cash in a hurry, that’s the perfect time to apply for a bridging loan.
Qualifying for a Bridging Loan
In terms of qualification, there’s really only one thing that matters. That being, your ability to provide enough collateral to cover the cost of the loan. Bridging loans are secured loans, offered in accordance with the value of the borrower’s property. This in turn simplifies the bridging loan application process and often eliminates credit checks from the equation.
So rather than letting the deal of a lifetime slip you by, why not consider an affordable bridging loan? Whether you’re ready to go ahead or simply considering the options available, the team at UK Property Finance is standing by to take your call!