For more than 40 years, Together Money has set a strong example for major banks and lenders in the UK. Unlike some, Together Money goes beyond everyday High Street services, offering everything from first-time buyer mortgages to bridging loans to auction finance and more. Nevertheless, we strongly advise comparing the UK lending market in its entirety, before settling on a final lender and choosing the perfect loan.
Here at UK Property Finance, we work closely with big names like Together Money and established independent lenders across the country. If you’re looking for a flexible, affordable and accessible bridging loan for any purpose, you’ve come to the right place! Use our online bridging loan calculator to help determine your requirements, or contact a member of our customer support team for more information.
Bridging Loans FAQ
Outlined below, you’ll find a series of important questions on the subject of bridging loans, along with their respective answers:
How much can I borrow?
There are typically no limitations whatsoever, though the average bridging loan comes in at around £150,000. Nevertheless, it’s perfectly possible to borrow £1 million or more if required.
When will I receive a decision?
Depending on your requirements and the lender you approach, you could be provided with a response the very same day. On the whole, it’s not uncommon for the entire process to be completed within five working days.
What if I struggle with my repayments?
If you encounter any difficulties whatsoever, it’s crucial that you contact your lender immediately. In almost all instances, they’ll be willing to adjust the repayment terms to accommodate, though penalty fees may be payable.
How long does a bridging loan last?
Flexibility is one of the biggest advantages of a bridging loan. In accordance with the requirements of the borrower, repayment periods vary from a few weeks up to several years. Nevertheless, faster repayment typically means lower overall borrowing costs.
How much does a bridging loan cost?
Interest rates and borrowing costs are determined by the size and nature of the loan, the personal circumstances of the borrower and the policies of the lender. You can count on UK Property Finance to set you up with the most affordable loan for your needs.
Can I get a bridging loan if I have a bad credit rating?
Just as long as you have the collateral required to cover the value of the loan, you should have no trouble qualifying. Some bridging lenders carry out credit checks, but the vast majority are more interested in loan security.
What can I use a bridging loan for?
Absolutely anything you like! Just as long as it’s legal, a bridging loan can be used to fund pretty much anything you can think of.
Will I have to pay anything upfront?
Here at UK Property Finance, we work hard to connect our customers with honest and transparent lenders. Hence, we do everything we can to keep upfront fees and unfair administration charges out of the equation.
For more information on anything to do with bridging loans or to discuss your requirements in more detail, contact the team at UK Property Finance today.