Bridging Finance
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When should Bridging finance be used
What Security will be required for Bridging Finance
How quickly can I get the funds
What is the Max. Loan to Value
Any purpose; including the straightforward purchase of a new house for own occupation, purchase of an investment buy to let, refinance pending a sale or long term re-mortgage, capital raising etc. The only requirement is that the finance loan is short-term (up to 12 months) and there must be a proposed exit route (typically a sale or re-mortgage).
A first charge on a residential house situated in mainland England, Wales or Scotland. In some cases it also can be a charge (first or second) over a second homey; for example, in the case of a home purchase where there is a related sale, the lender will usually take a first charge on one of the properties and a second charge on the other (assuming that there is, or will be, a first mortgage outstanding)
It is possible for funds to be available within as little as 5 working days from receipt of your accepted offer. Funds are normally repaid in 1 or 2 months but within a maximum time frame, usually 12 months.
Usually up to 75% of the Market Value of the property, on a first mortgage basis but 100% of the purchase price of the property, if there is a second property available as security with sufficient equity (on a first or second charge basis) to reduce the overall loan to value on the property to not more than 75%.
A‘closed’ bridge is where the repayment source of the loan is already in place, but the timing of it is such that the funds will not be available in time to meet the immediate funding requirement e.g. where contracts have been exchanged on the property being sold, but the completion date of the sale of the property is beyond the date that funds are required to purchase the new property.
An ‘open ended’ bridge is where the intended repayment source is known, but is not guaranteed e.g. in the example given above the property being sold may be on the market, but with no buyer in place and therefore the date of sale of the property will be unknown.
An ‘open ended’ bridge is where the intended repayment source is known, but is not guaranteed e.g. in the example given above the property being sold may be on the market, but with no buyer in place and therefore the date of sale of the property will be unknown.
What does it mean, Closed or Open Ended
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None of the information on this website is intended to promote any specific mortgage product or provide mortgage advice.
CharltonOnLine.com is a trading name of Charlton Marketing and Development Ltd.
CharltonOnLine.com is a trading name of Charlton Marketing and Development Ltd.
Your home may be re-possessed if you do not keep up repayments on your mortgage.
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