Bridging loans are useful if you want to buy a property before you sell your existing one, if you are buying at auction or for properties that are not deemed suitable by a mortgage lender. We can connect you with our specialist finance advisers at Chartwell Funding to help you find the best bridging loan rates.
Chartwell Funding can also help you with other forms of specialist lending - such as homeowner loans (second charge mortgages), secured loans and bad credit mortgages.
Why Chartwell Funding?
We have carefully chosen Chartwell Funding to be our partner. Unlike many other bridging loan brokers, they can advise on and arrange loans on residential properties which are regulated by the Financial Conduct Authority. They have many years experience helping customers with all types of lending.
Chartwell Funding offer:
- No obligation quote and instant decision
- Completely independent
- Offer exclusive products not available to others
- Dedicated adviser and administrator
If you want to speak to someone immediately, you can call on 01454 540500. They are open Monday – Thursday 09:00 – 19:00 and Friday 09:00 – 17:30.
What is a Bridging Loan?
A bridging loan is a short-term loan that can be arranged quickly. They can be a useful way to bridge the gap between buying and selling property or to purchase a property at auction. They can also be useful for properties that are deemed not suitable by a mortgage lender. The term is usually a maximum of 12-18 months and you need to have a plan in place to repay the loan.
Chartwell funding are specialists in this area and can offer competitive bridging loan rates.
Be wary of using a generic bridging loan calculator as the calculations may not include the fees charged. To calculate how much you can borrow will depend on a number of factors, such as the value and condition of the property, as well as the condition of the property and what refurbishment is required. The lender will also consider your personal finances and your credit history.
As a general rule, the maximum loan is normally limited to 75% loan to value. This 75% will include any interest payments.
Homeowner loan explained
A homeowner loan is a loan that is secured against a property (residential or buy to let) and is separate to the original mortgage. Commonly known as second charges or secured loans, these are typically used to raise funds for home improvements, debt consolidation, business purposes or a deposit for another property when your mortgage lender cannot help.
Bad credit mortgage lending explained
Having a poor score on your credit file can happen to anyone and due to a wide variety of reasons. For instance a missed or late payment on your credit card to having a county court judgement. It is still possible to get a mortgage, but options may be limited and you may need to pay more. As not all high street lenders offer bad credit mortgages it can be tricky to find a suitable mortgage on your own. Specialist lending brokers such as Chartwell Funding can help guide you through the process.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT