Can I Get a Small Inheritance Advance

It can be more than a little frustrating when you are counting on an inheritance that is rightly yours, but the probate process seems to drag on endlessly. Even today, bringing all legal, and financial matters to a swift conclusion in the wake of the death of a loved one can be surprisingly (and disappointingly) complex.

Not to mention, cripplingly expensive.

In such circumstances, a small inheritance advance could be the lifeline you need to navigate these complications. But how exactly does an inheritance loan work, and who is eligible for such facilities?

What is a small inheritance advance?

A small inheritance advance, also known as an inheritance loan or probate advance, is a financial product that allows heirs, and beneficiaries to access part of their inheritance money, before the conclusion of the probate process. Instead of waiting for months (or even years) to receive your inheritance, an advance offers immediate access to a percentage of your entitled assets.

Lenders typically cap their maximum loan amounts at 60% to 80% of the total value of the assets you own, which means you could gain access to a significant sum of money much faster.

Who could benefit from a small inheritance advance?

Anyone who needs (or wants) to gain access to their inheritance prior to the completion of probate could benefit from a small inheritance advance. Potential applications for such funds are limitless, but common uses for probate advances include:

  • Immediate financial needs: If you have urgent bills to pay or time-critical costs of any kind, an advance could be a useful option.
  • General purchases: You may also simply want to gain access to the funds that are rightfully yours to purchase a car, pay for a holiday, invest in a second home and so on.
  • Debts and obligations: The funds from an advance can be used to settle debts, business bills, or other major expenses.
  • Investment opportunities: An opportunity for a good investment might not wait for probate to conclude, and an inheritance advance may just provide the needed funds.

In short, a small inheritance loan can be used for any legal purpose, with no specific restrictions imposed.

Eligibility for a small inheritance advance

Requirements vary significantly from one lender to the next, but the following generally apply in all instances:

  • Probate must be open: For a beneficiary to qualify, probate on the decedent’s estate must have begun.
  • Verification of inheritance: You must show proof of your rightful claim to an inheritance.
  • Proof of Inheritance value: The advance is typically a percentage of the inheritance value.
  • Aged 18 years or over: Though there is typically no upper age limit.
  • Good credit: Some lenders will only accept applications from individuals with a good credit score.

Along with the above, there are several potential complications that can hinder a probate advance application, or render an applicant unviable. Examples of these include:

  • Insufficient estate value: Only beneficiaries who stand to receive a substantial amount can usually qualify.
  • Not all estates are eligible: Some types of assets and other issues may disqualify the estate.

You must also be able to meet the required costs of a small inheritance advanced, which along with the agreed rate of interest may include an arrangement fee of around 1.5%.

Why use an independent broker?

An inheritance advance can offer a lifeline in a period of concern and complexities.

Using a reputable independent broker to secure a small inheritance advance can ensure you get the best possible deal while offering the objective advice you need to make an informed decision. They can provide different options from various lenders (some of which do not work directly with borrowers), helping you make a well-informed choice and negotiating on your behalf.

For more information or to discuss the potential benefits of inheritance advance loans in more detail, contact a member of the team at UK Property Finance today.

Can I Get a Small Inheritance Advance?

It can be more than a little frustrating when you are counting on an inheritance that is rightly yours, but the probate process seems to drag on endlessly. Even today, bringing all legal and financial matters to a swift conclusion in the wake of the death of a loved one can be surprisingly (and disappointingly) complex.

Not to mention, it is cripplingly expensive.

In such circumstances, a small inheritance advance could be the lifeline you need to navigate these complications. But how exactly does an inheritance loan work, and who is eligible for such facilities?

What is a small inheritance advance?

A small inheritance advance, also known as an inheritance loan or probate advance, is a financial product that allows heirs and beneficiaries to access part of their inheritance money before the conclusion of the probate process. Instead of waiting for months (or even years) to receive your inheritance, an advance offers immediate access to a percentage of your entitled assets.

Lenders typically cap their maximum loan amounts at 60% to 80% of the total value of the assets you own, which means you could gain access to a significant sum of money much faster.

Who could benefit from a small inheritance advance?

Anyone who needs (or wants) to gain access to their inheritance prior to the completion of probate could benefit from a small inheritance advance. Potential applications for such funds are limitless, but common uses for probate advances include:

  • Immediate financial needs: If you have urgent bills to pay or time-critical costs of any kind, an advance could be a useful option.
  • General purchases: You may also simply want to gain access to the funds that are rightfully yours to purchase a car, pay for a holiday, invest in a second home, and so on.
  • Debts and obligations: The funds from an advance can be used to settle debts, business bills, or other major expenses.
  • Investment opportunities: An opportunity for a good investment might not wait for probate to conclude, and an inheritance advance may just provide the needed funds.

In short, a small inheritance loan can be used for any legal purpose, with no specific restrictions imposed.

Eligibility for a small inheritance advance

Requirements vary significantly from one lender to the next, but the following generally apply in all instances:

  • Probate must be open. For a beneficiary to qualify, probate on the decedent’s estate must have begun.
  • Verification of inheritance: You must show proof of your rightful claim to an inheritance.
  • Proof of inheritance value: The advance is typically a percentage of the inheritance value.
  • Aged 18 years or older: Though there is typically no upper age limit,
  • Good credit: Some lenders will only accept applications from individuals with a good credit score.

Along with the above, there are several potential complications that can hinder a probate advance application or render an applicant unviable. Examples of these include:

  • Insufficient estate value: Only beneficiaries who stand to receive a substantial amount can usually qualify.
  • Not all estates are eligible. Some types of assets and other issues may disqualify the estate.
  • You must also be able to meet the required costs of a small inheritance, which, along with the agreed rate of interest, may include an arrangement fee of around 1.5%.

Why use an independent broker?

An inheritance advance can offer a lifeline in a period of concern and complexity.

Using a reputable independent broker to secure a small inheritance advance can ensure you get the best possible deal while offering the objective advice you need to make an informed decision. They can provide different options from various lenders (some of which do not work directly with borrowers), helping you make a well-informed choice and negotiating on your behalf.

For more information or to discuss the potential benefits of inheritance advance loans in more detail, contact a member of the team at UK Property Finance today.

How Does a Bridging Loan Work?

Contrary to popular belief, a bridging loan has the potential to be a surprisingly simple and versatile funding solution. No longer confined to commercial borrowing circles or big business, bridging finance has well and truly hit the mainstream as of late.

But how exactly does bridge finance work in practice? More importantly, who can qualify for bridging loans, and when is taking out bridging finance a good option to consider?

How bridging loans work

The best way to understand how bridging loans work is to consider a couple of everyday scenarios:

Scenario 1. Bridging loans for property chain breaks

  • A homeowner with £500,000 equity in their home applies for a bridging loan of £300,000
  • The loan is secured against their current home and the funds are released within a week
  • This enables the borrower to purchase their next home (on sale at £300,000) for cash
  • Their previous home remains on the market until it sells for its best possible price
  • When their previous home sells a few months later, they repay the loan in full
  • Interest accrues at a rate of around 0.5% in the meantime and is repaid along with the loan balance
  • By taking out a bridging loan, the borrower was able to avoid the risk of their planned property purchase falling through

Scenario 2. Bridging loans for property purchase, renovation and sale

  • A property in a poor state of repair is put on sale at auction for much lower than its potential market value
  • An investor places a bid on the property and is successful, but must come up with the full payment within 28 days
  • They take out a bridging loan against their own home or another property they own, accessing the funds promptly
  • The loan is used to purchase the property and cover the costs of all subsequent renovations
  • A few weeks or months later, the property is sold for its full market value to a new buyer
  • The investor then repays the loan in full and retains all additional profits

In both instances, the borrower benefits from rapid access to a significant sum of money, enabling them to make a purchase that would be impossible with most conventional borrowing products.

Who is eligible for bridging finance?

Along with the flexibility and affordability of the facility, accessibility is another major point of appeal with bridging finance. Eligibility criteria are comparatively relaxed, at least when held alongside a typical mortgage or personal loan application.

The main requirement is ownership of assets of value to offer as security for the loan. For example, if you own a home with a value of £500,000, you may be able to borrow up to 80% of this value (at 80% LTV), which would be £400,000. Without adequate security, you cannot take out bridging finance.

Other than this, you will need to present your lender with evidence of a workable exit strategy, for example, how and when you plan to repay the loan. For example, if you are buying a property to renovate and sell, your exit strategy would be the subsequent sale of the property.

With viable security and a convincing exit strategy, you have a high chance of qualifying for bridging finance. Even if you have imperfect credit and/or no formal proof of income, you may still be considered for a bridging loan.

However, in all instances, it is advisable to apply via an independent broker, who can help pair your requirements with an appropriate lender. The UK’s network of bridging loan specialists is growing at its fastest pace, making the input and advice of a skilled broker more valuable than ever before.

For more information on any of the above or to discuss the pros and cons of bridging loans in more detail, contact the team at UK Property Finance anytime.

Are Bridging Loans a Good Idea?

At the risk of jumping straight to the conclusion, no financial product is an effective one-size-fits-all solution. The whole thing is highly circumstantial, based entirely on your requirements at the time, coupled with what you can comfortably afford.

Bridging finance is no different, which in some instances can be no less than a godsend. One of the most commonly misunderstood financial products to have hit the mainstream market as of late, bridging finance has the potential to be uniquely versatile, accessible, and even affordable.

Again, in the right instances and when taken out under the right circumstances.

How do bridging loans work?

Perhaps the simplest way to think about a bridging loan is as something like a very short-term mortgage. Bridging finance is issued in the form of a secured loan, typically against a home or commercial property. The amount you can borrow is therefore tied to the value of this security, typically up to a maximum LTV of 80%.

So, if you have built up £250,000 of equity in your home, you could borrow up to £200,000.

The key difference is that with a bridging loan, the funds can often be accessed within a few working days. After which, the loan is repaid in full no more than a few months later, in a single lump-sum payment plus borrowing costs.

Monthly interest can be as low as 0.5%, adding up to a very competitive form of borrowing when repaid promptly.

When is a bridging loan useful?

There are countless scenarios where this kind of fast-access, short-term cash injection could be hugely valuable.

Typical applications for bringing in finance include the following:

  • Refurbishments: A short-term loan can be just the thing to cover the costs of renovations or repairs, prior to selling or letting out a property to maximise its value.
  • Chain Break: Homebuyers can use bridging finance to ‘bridge’ the gap between buying their next home and selling their current home, avoiding potential chain break scenarios.
  • Property Development: Construction companies and developers often turn to bridge finance to cover their short-term funding requirements while conducting projects.
  • Auction Purchases: Bridging finance provides an affordable way to meet the 28-day payment requirements of auction houses when purchasing properties.
  • Inheritance Tax (IHT): If you need to pay a large IHT bill in order to gain access to your inheritance, you could take out a bridging loan and repay it when you receive your money.

In short, anytime you need a sizeable cash injection in a hurry and can comfortably repay the loan within a few months at the most, bridging finance could be just the thing.

What are the benefits of bridging loans?

Bridging finance holds four main points of appeal when compared to the vast majority of mainstream loans and funding solutions:

  • Fast: If you submit a strong application complete with all required evidence and documentation, the money you need could be in your hands within 3 days.
  • Flexible: There are no limitations placed on how you can allocate the funds you receive, as is often the case with other types of loans.
  • Accessible: It’s possible to qualify for bridging finance with no formal proof of income and even a poor credit history.
  • Affordable: Charged at as little as 0.5% per month, a promptly repaid bridging loan can be a surprisingly cost-effective option.

Just as long as you have sufficient assets of value to offer as security and a viable exit strategy, you have a good chance of qualifying for a bridging loan.

When is bridging finance not a good idea?

As with all secured loans, risks apply when taking out bridging finance. If you are unable to repay your loan as agreed, your asset (i.e., your home or business property) could be repossessed.

In addition, bridging finance is only affordable when repaid promptly; therefore, it should never be taken out as a longer-term solution. If you have the slightest doubt as to your capacity to repay the loan in full and on time, you should not even consider applying for bridging finance.

For more information on any of the above or to discuss the pros and cons of bridging loans in more detail, contact the team at UK Property Finance anytime.

What Are Probate Bridging Loans?

Being a named beneficiary of a deceased person’s estate often brings unexpected obstacles and financial burdens. One of which could be your obligation to pay inheritance tax (IHT), which, depending on the size of your inherited estate, could amount to a major headache.

With the current IHT threshold in the UK standing at £325,000, IHT bills can often amount to sums that are simply insurmountable. Beyond this threshold, you will need to pay an IHT of 40% of the combined value of all assets you will eventually take ownership of.

To gain legal access to your inheritance, you may have to look for ways to finance these bills with third-party support. This is where probate bridging loans can come into play as an accessible, affordable, and convenient option.

Understanding probate bridging loans

Probate bridging loans, one of many types of specialist inheritance loans, are a type of short-term loan that beneficiaries can use to pay off IHT and other related expenses, such as probate costs and legal fees.

As the name suggests, they are designed to ‘bridge’ the financial gap between the time the inheritance is announced and when it is actually received, which can often be a lengthy process. Sometimes several months or even years.

The benefits of probate bridging loans

There are several unique features and benefits that have made probate bridging loans an increasingly attractive option for beneficiaries as of late:

  • Fast Funds: Unlike regular mortgage loans that might take extended periods for approval and disbursement, probate bridging loans can be arranged in a few working days. This is particularly helpful when beneficiaries need to meet urgent tax obligations.
  • Flexible Loan Size: Probate bridging loans have no maximum loan size, meaning the amount you borrow is tailored to your unique needs and is usually based on the value of the inherited property.
  • Competitive Rates: Interest rates for these loans can start as low as 0.5% per month, making the borrowing costs much lower compared to long-term loans.
  • Poor-Credit Applicants Welcome: Bridging loans do not discriminate against poor-credit applicants and often do not require proof of income. This opens the door for many beneficiaries who might otherwise struggle to qualify for a loan.
  • Early Repayments: Most bridging loan lenders will offer the option to repay the loan early without incurring penalties, providing yet another benefit for beneficiaries.

Contact UK Property Finance

At UK Property Finance, we provide access to a broad range of specialist funding solutions for heirs and beneficiaries faced with an impossibly high inheritance tax bill. With our help and support, negotiating during one of life’s toughest times can be made much less daunting, with the representation and objective advice you need to make the right decisions.

For more information on any of the above or to discuss your requirements in more detail, call or email the UK Property Finance team anytime.

What Are the Alternatives To Bridging Loans?

Bridging loans have really come into their own as of late, acknowledged and accepted by mainstream borrowers as a useful alternative to more conventional products. In the right hands and for the right purpose, bridging finance has the potential to be uniquely flexible, versatile, and affordable.

Even so, there will always be instances where a bridging loan is not necessarily the best option available. Either due to the nature of your requirements or issues with eligibility, your broker may advise you to consider the alternative options available.

The below options could prove more appropriate and cost-effective.

Here are just a few alternatives to consider when bridging is not the best option:

A mortgage extension

If you are in good standing with your current mortgage provider, you have a good chance of qualifying for a mortgage extension. This is simply where you increase the size of your mortgage to cover your requirements, in return for extending the term of your mortgage or increasing your monthly repayment.

Secured loans

There’s an extensive range of secured loan options available on the mainstream and specialist markets, both for business purposes and for private borrowers. Lenders implement their own policies with regard to the types of assets they are willing to accept as security, which could be anything from the home you live into jewellery, watches, cars, business equipment, and so on. Secured loans tend to be longer-term in nature and repaid over the course of several years.

Unsecured loan

If you require a fairly modest capital injection, an unsecured loan can be a good option. Some secured loan applications can be processed within 24 hours, typically with maximum loan sizes of around £15,000 to £20,000 available. Repayment terms are flexible (usually a few years), and interest rates can be highly competitive.

Property development finance

In the commercial arena, specialist property development finance can be a fantastic facility for established developers and construction companies. With development finance, there are no upper limits placed on how much can be borrowed, based on the value of the project being undertaken and the security provided by the applicant.

Refurbishment loans

Open to both mainstream applicants and commercial borrowers, a refurbishment loan provides the funding needed to perform minor or major property renovations before selling or letting it out. It is effectively a specialist type of bridging loan, but it is issued exclusively for property refurbishment and renovation purposes.

Commercial mortgages

Where time is less of a pressing factor, a commercial mortgage could be used in place of a bridging loan. Commercial mortgages work similarly to conventional mortgages, though they are issued exclusively for the purchase of business properties and have much higher minimum deposit requirements (often as much as 30% to 40%). As it can take several weeks (or even months) to arrange a commercial mortgage, it is not a viable option in time-critical scenarios.

At UK Property Finance, our experienced brokers can provide you with the objective advice you need to decide which product is right for you. From bridging loans to development finance to all types of specialist business loans, we’ll scour the market to help you secure an unbeatable deal from a top-rated lender.

Call anytime for a free consultation or email us, and we’ll get back to you as promptly as possible.

Bridging Loans Explained: A Summarised FAQ

What are bridging loans?

As the name suggests, a bridging loan is a temporary solution for a short-term financial gap. Typically, issued over the course of no more than a few months, bridging finance effectively ‘bridges’ the gap between a purchase or investment and the procurement of funds by other means.

What can bridging loans be used for?

One of the most appealing aspects of bridging finance is the way in which it can be used for almost any legal purpose whatsoever. Even so, some of the most popular applications for bridging finance in the UK are as follows:

  • Opting out of property chains or reversing chain break scenarios
  • Purchasing properties at auction for less than their true value
  • Beating competing bidders to the punch by purchasing properties for cash
  • Buying ‘unable to mortgage’ properties to renovate and sell on
  • Covering unexpected business costs and general outgoings
  • Buying homes to be renovated and let out to tenants
  • Just as long as you can provide your lender with proof of a viable exit strategy (how you plan to repay the loan), there are no limitations placed on how you can use the funds.

Bridging loans are not restricted solely to property use, but, as we’re writing a property blog, that’s what we’ll stick to here today.

How is interest calculated on a bridging loan?

Interest and overall borrowing costs on bridging finance vary from one facility to the next. Instead of a conventional APR, bridging loan interest rates are usually published as a monthly rate of interest (which can be as low as 0.5%).

This interest can be repaid monthly or rolled up into the final loan balance. Likewise, all associated borrowing costs (arrangement fees, transaction fees, completion fees, etc.) can be added to the final balance payable.

In the meantime, no monthly repayments are necessary, enabling the borrower to maintain total cash flow efficiency. The full balance is then repaid in a single lump-sum payment on an agreed-upon date.

What is the difference between open and closed bridging loans?

Open-bridging loans are those that are issued with no fixed repayment date. The borrower enjoys a greater degree of flexibility with regard to when the loan is repaid, but open bridging loans are riskier for the lender and therefore have higher overall borrowing costs.

With a closed bridging loan, the borrower agrees to repay the loan on or before a specific date. Such loans are considered lower-risk for the lender and are therefore usually more competitive in nature.

What’s the difference between first charge and second charge loans?

A first-charge loan is primarily taken out against an asset of value, such as a home or business property. For example, when you buy a home with a conventional mortgage, this is a first-charge loan: the first and only debt secured against your home.

If you then take out a bridging loan against the equity you have built up in your home (but while you are still repaying your mortgage), it will be issued as a second-charge loan. This is because there is already a primary debt (first charge loan) secured against your home, which, in the event your home is repossessed to repay your debts, will take priority.

Second-charge loans can be more difficult to secure than first-charge loans, and due to their higher risk, they can also be more costly than first-charge loans.

Who can qualify for bridging finance?

Bridging finance eligibility centres on the availability of assets of value to secure the loan and evidence of a viable exit strategy. Where both of these requirements are met, the applicant will most likely qualify, irrespective of their credit history and employment status.

Even so, the key to qualifying for a competitive bridging loan lies in comparing the market with the input and support of a specialist broker. This is particularly true where ‘ subprime’ bridging loan applications are concerned, but it also applies to mainstream bridging finance applications in general.

Downsizing: Bridging the Gap

Downsizing to a smaller home should be a simpler task than moving into a larger home or buying your first property. Your current home may have a much higher market value than that of your target home, putting you in a great position to relocate and have plenty of extra money left over.

Or at least, this is how the whole thing should work on paper. In practice, it rarely works out quite so straightforwardly.

Having built up plenty of equity in a home is all well and good, but converting this equity to cash to buy a new home is not always easy. Prior to purchasing your next home, you first need to find a buyer for your current home. A process that means not only finding an eligible buyer but waiting for their mortgage application to be processed (assuming it is successful at all).

In the meantime, the risk remains of being beaten by a competing bidder. If another interested party is able to buy your target home faster than you, chances are that is exactly what they will do. Likewise, if you have lined up a buyer for your current home who backs out at the last minute, you are back to square one.

Breaking the chain

This risk of a broken property chain does not apply exclusively to more standard moves or when upgrading to a larger home. Even if you plan to move to a home that is significantly smaller and lower in value, you still face the prospect of being beaten to the finish line.

In fact, the growing demand for smaller homes that are affordable to run has resulted in a situation where competition for these types of homes is growing at a much faster rate than competition for larger homes. The more people there are bidding for the select properties available, the higher the chance of a broken property chain.

But there is a way to almost entirely eliminate the risk of a property chain crashing down at the worst possible time. Increasingly, homeowners are setting their sights on short-term bridging finance to ensure they are at the front of the queue. With bridging finance, it is possible to tap into most (up to 80%) of the equity you have in your home in a matter of days.

A flexible and affordable solution

Bridging finance is issued in the form of a short-term loan (usually over a term of no more than 12 months), secured against the home of the applicant. With all the essential paperwork in place, the funds can often be accessed within a few working days.

This money can then be used to purchase a smaller home for cash while their previous home remains on the market. When their former home sells for its full market price, the loan is repaid in full, and the remaining proceeds are retained. Charged at around 0.5% per month or less, overall borrowing costs on a bridging loan can be extremely low.

As cash buyers are often afforded significant discounts on property prices for fast transaction completions, the savings made could augment the costs of the facility in its entirety.

Best of all, bridging finance eligibility requirements are far more relaxed than most comparable products. You simply need sufficient equity in your current home to cover the costs of the loan and evidence that you will be able to repay the loan by the agreed-upon date (exit strategy).

Once a financial product used nearly exclusively by property developers and investors, competition in the housing market has propelled bridging finance into the mainstream lending sector.

Bridging Loan for Fast Home Purchases

Having found your perfect home at a price you can afford, you suddenly find yourself in a major race against time. Given the attractiveness of the property and its price, it’s highly unlikely you are the only interested buyer.

This is where the limitations and imperfections of conventional mortgage loans become painfully apparent. You can comfortably afford the repayments on the mortgage you need, and your deposit is good to go, but you are still at the mercy of your bank’s standard underwriting and processing times.

All of this means you could be waiting as long as 12 weeks to get your hands on the money you need, during which there is a high likelihood of being beaten to the punch.

A Faster and Simpler Alternative

Ferocious competition on the housing market has spurred a major spike in bridging finance enquiries and applications over the past two years. Bridging finance differs from a conventional mortgage in that it is a strictly short-term facility.

With a bridging loan, you are able to raise money against the equity you have in your current home and use it to buy your next home outright. Importantly, a typical bridging loan can take as little as a few working days to arrange, giving you every chance of being at the very front of the queue.

You purchase your next home for cash, and you repay your bridging loan in full when your previous home sells. In the meantime, interest is added at a rate as low as 0.5% per month, making bridging finance usually cost-effective when repaid promptly.

If you are completely confident your home will sell in the near future without any issues, a bridging loan could prove so much more affordable than a conventional mortgage.

What is the Difference Between an Open and Closed Bridging Loan?

If you decide to apply for a bridging loan to purchase a property fast, you will come across two different loan options, open and closed bridging loans:

Open Bridging Loans. This is a bridging loan that is issued without a fixed repayment date. Your lender will expect to be repaid within a certain period of time, but no specific repayment date is agreed upon during the application process. As a higher-risk loan on the part of the lender, open bridging tends to be slightly more expensive.
Closed Bridging Loans. With a closed bridging loan, you commit yourself to an exact repayment date, by which the full balance of the loan will be repaid. There may also be the option of repaying earlier to save money, with no additional fees or charges incurred.
Which of the two is suitable for you will be determined by how quickly you believe your home will sell after taking out your bridging loan. If demand is high and your home will sell within no more than a few months, a closed bridging loan could be ideal. If you cannot say for sure when your home will sell, an open bridging loan may be more appropriate.

Will I Qualify for a Bridging Loan?

Eligibility for bridging finance is determined on the basis of two main factors which are security and your repayment plan (exit strategy).

Bridging loans are secured against assets of value, which in this case means the equity you have tied up in your current home. Loans are issued with a maximum LTV of 80%, which means that if you have £400,000 of equity in your current home, you could borrow £320,000.

When buying and selling homes the exit strategy for your bridging loan will be the sale of your current home, if your lender is confident that demand is high enough to guarantee the sale of your home in the near future (and for a good price), they will almost certainly approve your application.

Even with poor credit and/or no formal proof of income, it is still possible to qualify for affordable bridging finance.