High Street Banks
In many ways, Shawbrook Bank outperforms and outshines conventional High Street lenders. Offering a dynamic and flexible portfolio of products, Shawbrook sets a strong example for the contemporary financial sector. From car loans to wedding loans to business loans of all shapes and sizes, Shawbrook Bank takes pride in its flexibility.
Nevertheless, Shawbrook Bank is yet to introduce bridging loans into its portfolio. For the time being therefore, it’s the typical case of complex and time-consuming loan application processes. If time is a factor and delays are unacceptable, you need something different.
You need a bridging loan from UK Property Finance!
Keeping Bridging Finance Costs Down
We work hard to provide our customers with quick and easy access to the very best deals and the lowest borrowing costs in the UK. Before applying for a bridging loan, we strongly advise considering the extent to which overall borrowing costs can be further reduced.
Whatever your motivation for applying for a bridging loan, you stand to get a much better deal with the following expert tips:
Assess Your Needs
First up, be sure to carefully assess your needs and determine exactly how much funding you require. To apply for a bridging loan that’s unnecessarily large will inherently mean additional borrowing costs you could have avoided. Applying for a little extra to cover unexpected expenses is wise, but taking things too far could see you paying more than you need to.
Offer More Collateral
One of the best ways of keeping costs to absolute minimum is to up the ante with the collateral you offer. If it’s a realistic possibility, think about providing security that goes over and above the value of the loan. This provides the kind of peace of mind that translates to lower overall borrowing costs from the lender.
Shorter Repayment Periods
The same also applies to shorter repayment periods. If the lender knows that they are going to get their money back in the very near future, they’re typically happy to offer the loan with lower overall borrowing costs. Longer repayment periods can be great for spreading the costs, but also result in a more expensive overall transaction.
Beware Stealth Charges
Far too many lenders sting unsuspecting borrowers with a range of stealth charges. Set-up fees, admin fees, closure fees, heavy repayment penalties – additional fees that pack a heavy punch. Here at UK Property Finance, we work hard to ensure all such stealth charges are eliminated from the equation.
Compare the Market
Last but not least, never overlook the value or importance of comparing the market in full. This means not only considering major lenders like Shawbrook Bank, but also taking the UK’s best independent lenders into consideration.
If looking for the best deals the UK market has to offer, you’re in safe hands with UK Property Finance. Our extensive network of service providers across the country enables us to provide exclusive access to unmissable deals on bridging loans for all purposes. Call today to discuss your requirements in more detail.