Pensioner Bridging Loans
A bridging loan is a loan borrowed against a property to solve short term financial requirements. This type of loan can be beneficial to a retired person/pensioner/senior citizen who has a lot of equity in their property but little cash in hand. Acquiring a bridging loan will allow time for the purchase, the move and sale without any stress.
When Would you Need a Bridging Loan:
- When you are looking to purchase another property but have your cash tied up in the current property.
- Chain break in property sale.
- Temporarily to pay care home fees or any other fees.
- Quick cash release for various reasons until property sells
You don’t want to lose the property you have found. You get a short-term bridging loan which can be secured against your current property, or both the current and the new property, depending on the level of equity available. The loan can also be secured against any other residential properties you may own.
The funds are given to you for up to 12 months and there are no tie-in periods or any exit penalties. When the property sells you will repay the loan in full without incurring any penalties.
Key Features of Our Bridging Loans
- Can be on 1st charge and 2nd charge basis (Second charge is a charge on the property in favour of a lender. The first charge is usually your mortgage lender. In the event of the property selling, the first charge lender will get their share first and the remaining balance to the second charge lender and so on).
- You can borrow from £10,000 upwards.
- We have lenders on our panel who have no upper age limit.
- No tie in period or exit fees.
- No monthly payments as interest is compounded or rolled over.
Please look at our bridging loan calculator to see what the rates are and how much it would cost you. Alternatively, please call one of our bridging loan specialists on 0116 464 5544 who will take your details and provide you with a non-obligatory quote.As everyone’s individual circumstances vary, it is very important that the decision to borrow any finance is made after careful consideration. Please note that your property can be at risk of getting repossessed if the loan is not repaid with the agreed time frame.