Bridging loans aren’t typically available from major lenders on the High Street. With mainstream lenders like Yorkshire Bank, products and services focus on more traditional business and personal banking services. Demand for bridging loans may be accelerating like never before, but short-term lending isn’t yet offered by the UK’s biggest banks.
Ideal for covering unexpected expenses and purchasing properties at auction, bridging loans combine rapid pay-outs with competitive borrowing costs. But as with all loans and mortgages, it’s up to you to ensure you get the best possible deal.
Approach your application for a bridging loan strategically and you could save a fortune, also make sure you always get the right type of bridging loan.
For example, it’s worth thinking carefully about exactly how much you need to borrow. Applying for more than you need simply for the sake of it means facing heavier overall borrowing costs.
Likewise, borrowing costs are directly affected by a bridging loan’s repayment period. More often than not, longer repayment periods translate to higher overall costs. So if you can pay your loan off sooner, it might be a good idea.
Along with monthly interest rates, some lenders sting borrowers with a variety of stealth charges. Setup fees, administration fees, final settlement fees – all best avoided where possible.
Above all else, getting the best deal means ensuring you work with the perfect bridging loans specialist for your needs. With dozens of dynamic lenders to choose from, you’re bound to find a great deal – if you know where to look!
Here at UK Property Finance, we work closely with leading bridging loans specialists across the UK. As an independent service provider, our only priority is finding the best possible deal for every borrower by comparing bridging loans from many different lenders.
We’ll provide the support you need to decide whether or not a bridging loan is for you. If you decide to go ahead, we’ll consider every available option to find an affordable loan to suit your needs. From major names like Yorkshire Bank to the smallest independent lenders, we’ll search high and low for your perfect bridging loan.
For more information or to discuss your requirements in more detail, contact the team at UK Property Finance today.