Our Customers rate us 4.6 out of 5
Expert bridging finance brokers
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Bridging Finance Brokers
When you need to bridge a gap in your finances, we are there to find suitable finance options for you.
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Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.
Finding The Best Bridging Finance Deal For Your Circumstances
Helping you bridge the gap.
Being stuck between property sales is stressful, and we understand how frustrating it can be to struggle to get that cash flowing again. Bridging loans, whether for residential bridging, auction finance, or property development finance, can help you move forward with your plans, but they can be complicated.
Never fear; our team of professional finance advisors are here to inform and advise you every step of the way, making clear your bridging loan cost and monthly repayments so you know exactly what to expect whilst you figure out a route forwards to repay your short term bridging loan. With our market insights, in-depth research, and professional guidance, you are sure to achieve the right finance solution and better bridging loan interest rates for you and your property portfolio.
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Bridging Finance FAQs
What is bridging finance?
Bridging loans are a short-term lending solution, intended to help people bridge the gap (hence the name!) between homes if they want to buy a new property before their current one has sold. With this type of residential or development finance, loans are typically secured against the current property so you have funds to pay the deposit on the new property.
Loans secured in this way could prove a financial risk to some, but if your home is due to sell soon and thus you’re likely to be able to pay back the bridging loan as soon as that happens, it doesn’t have to be such a risk. But as with all things in property finance and mortgages, nothing is ever guaranteed, so there’s always a risk involved.
The key benefit of bridging finance is that it allows people to move fast, which is why it is commonly used by property investors and developers who want to take advantage of new opportunities. Looking to get started with bridging finance? Talk to our team of short-term finance experts today!
What are the risks of a bridging loan?
Bridging loan cost is usually somewhat more expensive than normal residential mortgages, with bridging loan interest rates falling anywhere between 0.5% and 1.5% per month higher, and set-up fees standing at around 2%. As with any loan secured against your property, there is also the risk of losing your home if you cannot keep up with repayments or your exit strategy fails.
When you take out a bridging loan from a bridging lender, a ‘charge’ is placed on your property which determines which lenders should be paid back first if you default on your repayments on your short term loan. If you’re concerned about the implications of bridging finance, talk to us today and our specialist advisors will explain everything you need to know before you apply!
What are the different types of bridging loans?
Bridging loans tend to fall into 2 main categories: closed and open.
Closed bridging loans refer to bridging finance with a fixed repayment date. This type of loan is common if you have exchanged contracts on a new property, but haven’t quite completed the property purchase.
An open bridging loan, on the other hand, has no fixed repayment date but is typically expected to be repaid within 12 months. It’s important to note that whether your loan is a closed bridging loan or open, you will need to supply evidence of a clear and realistic strategy to repay the loan and get approval, such as using equity from a property sale or remortgaging.
What is a first-charge bridging loan?
What is a second charge bridging loan?
How are the monthly interest payments managed on a bridging loan?
Bridging loans can vary in how interest is repaid. With some, the borrower will make monthly interest payments, but the majority of bridging finance lenders allow the interest to be dealt with as a part of the loan and is paid when you repay the loan at the end of the loan term, usually 12 months after it was taken out. If you wish the interest on your bridging loan to be paid on a per-month basis, it is possible we can find a specialist lender who can facilitate this.
Can you use bridge loans for a deposit?
Yes, bridging loans can be used for a deposit and make great short-term solutions if you are struggling to get a deposit together – they are designed to ‘bridge the gap’ between property sales. Most commonly they are used by property investors who need to get cash flowing and consolidate their borrowing but are facing delays at some point in the process – whether that is planning permission, property sales, project interruptions, or something else.
What is the difference between regulated bridging loans and unregulated bridging loans?
Regulated bridging loans are essentially residential bridging loans and are authorised by the Financial Conduct Authority (FCA), thus providing a degree of protection to borrowers. They are secured against the property that the borrower lives in or intends to live in. A regulated bridging loan is commonly used in circumstances where there is a break in a property chain and the borrower needs to raise cash, or ‘bridge the gap’, to purchase a property before their own is sold.
Unregulated bridging loans have no FCA protection as they are essentially used for business purposes. It is assumed that businesses don’t require the same level of protection that consumers do when making such transactions. Common uses for unregulated loans is the purchase of land before obtaining planning permission, funding works to a property, or securing a commercial property quickly.
Both regulated and unregulated bridging loan finance are effectively secured loans since the loan lenders will require security against the residential or commercial property owned by the borrower.
Can you use bridging finance for a deposit?
Yes, bridging loans make great short-term solutions if you are struggling to get a deposit together and help with bridging the gap between property sales. They are commonly used as property finance or auction finance by investors who need to get cash flowing and consolidate their borrowing but are facing delays at some point in the process – whether that is buying a property at auction, planning permission, property sales, project interruptions, or something else.
What types of security can I use when applying to a bridging loan lender?
Like mortgages, bridging loans are a type of secured loan and typically require you to provide a property as security. When you get a bridging loan, a charge is placed over your property – either first or second – which dictates its repayment priority when the property is sold.
The property you use as security could be anything from a primary residence to a commercial building, to a mixed-use development or a building plot. As long as it can be sold and generate the value of the loan, it will be eligible for security. Contact us today; we can advise you about every aspect of applying for a bridging finance loan!
Specialist support to get a bridging loan.
When the Bank Says No has helped full and part-time property investors all over the UK achieve the property development finance they need to access their latest opportunity. As bridging loan brokers, we simplify the process of making a bridging loan application.
With us, you can stride forward with your plans, without worrying that you’re not getting the right deal or loan interest rates from bridge loan lenders. We’ll scour the market, compare bridging loan finance (regulated and unregulated where appropriate), and find the most suitable and best-bridging lenders and products for your requirements, and ensure you have the highest chances of approval.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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