For some time, Money Saving Expert has been the UK’s go-to for honest and impartial advice on the most essential financial topics. Along with the useful resources published by the MSE team itself, the website also has a forum with more than two million active members.
But what is the official (or unofficial) Money Saving Expert’s take on bridging loans? Does the Money Saving Expert website offer any advice, direct or otherwise, for those looking into bridging finance?
What is a money-saving expert?
Established in 2003, Money Saving Expert was created by Martin Lewis, a financial journalist who would eventually make his own fortune helping other people save money. He’s now worth tens of millions of pounds, but he can still be found regularly advising folks on how to save money on their household bills and other outgoings in general.
Money Saving Expert is staffed by more than 100 people who create and curate a steady stream of consumer-finance-related posts. Martin Lewis himself has become known as something of a guru on the financial advice scene and is constantly popping up in high-profile slots on popular TV and radio shows.
He sold Money Saving Expert to the Money Supermarket Group several years ago for a massive sum of money, but he still contributes to its output.
What does a money-saving expert say about bridging loans?
Interestingly, bridging finance is not a topic that has ever been brought up on Money Saving Expert in any official capacity. In fact, there has barely been any mention of bridging finance from the Money Saving Expert team itself over the years.
The same can also be said for Martin Lewis, who so far has remained fairly tight-lipped regarding his thoughts on bridging finance. Perhaps due to the fact that bridging loans have only recently started to become mainstream in nature, having previously been near-exclusively available to established business borrowers.
What is a bridge loan?
A bridging loan is a type of short-term finance that typically lasts 12 months or less. It will provide you with an instant cash boost while you wait for longer-term finance. Bridging finance is often used by people who want to purchase a property but have yet to sell their present household.
If you choose to take out a bridging loan, you can do so from traditional lenders, such as high-street banks, or through a finance broker, such as UK Property Finance. Keep in mind that a bridging loan will be secured against an asset; this is usually your property. If you don’t meet any of the repayments, your home could be at risk.
How about the money-saving expert forum?
It is a slightly different story where the Money Saving Expert forum is concerned, where literally thousands of conversations have taken place to date about bridging finance.
All of this makes it surprising that little to no information or guidance has been published by Money Saving Expert.
Taking a look at the Money Saving Expert forum sheds light on some of the most common questions and concerns regarding bridging finance. For example, some of the most frequently asked questions of all by members of the Money Saving Expert forum include the following (and variations thereof):
- Will I qualify for bridging finance?
- Who can apply for a bridging loan?
- What does the bridging loan application process look like?
- What security needs to be provided for a bridging loan?
- How are bridging loans repaid?
- Can a bridging loan be repaid on a monthly basis?
- Is it possible to get bridging loans with bad credit?
This would seem to suggest that general interest in bridging loans among the consumer audience has been piqued for some time. However given the lack of formal input from bridging loan experts, advice sourced from forums like these is not always reliable.
Ask the experts…
Of course, this is not to say that forums like these cannot be useful for accessing invaluable information. Particularly when it comes to people’s first-hand experiences with bridging finance, there’s much to learn in public forums.
But if you have important questions or concerns to raise regarding bridging finance, they should always be discussed with an expert. Book your obligation-free consultation with the team at UK Bridging Loans today, and we will help you build a clear picture of the pros and cons of short-term borrowing.