Bridging loans

Bridging Loans & Short Term Lending With Avail Mortgages

Need cash fast but don’t want a long mortgage term? No problem. Here at Avail Mortgages can refer you to third party specialists that have expertise in Short Term Loans, Bridge Loans and Bridge Buy To Let Loans for all kinds of purposes. Maybe you’re awaiting the sale of your house and need a Bridging Loan to buy your new home? Perhaps you have a special event coming up and need a loan to help pay for it? Whatever your reason, our trusted third party can guide you through the application process, and set up your loan as quickly as possible.

By approaching our friendly, professional team at Avail Mortgages, we will ensure to get to know you and your property goals to find a solutions that works for you and your future. Whether you are looking to purchase an investment property, secure a property purchase or obtain a commercial property, we will take care in understanding your circumstances to locate a resolution. When it comes to finding the right mortgage broker and advisor, it is crucial to find qualified experts who exercise transparency, trust and reliability – Avail Mortgage Brokers are dedicated to providing the diligent services you need. We are passionate about delivering unrivaled services, exceptional customers service and above all, excellent advice and guidance.

 

Bridging loans are common choices for property developers, residential buyers and property investors alike.

This specialist third party can provide you with a range of Bridge Buy To Let Loans, Bridging Loan rates, Short Term Loans and Short Term loan rates from which you can choose, and advise on the most suitable one for you. You’ll be left with no doubt that you’ve picked a winner.

To learn more, please do not hesitate to get in touch with us today. We provide referrals for clients in areas such as Sheffield, Leeds, Huddersfield, Bradford, York, Harrogate as well as the rest of the UK, so we know that we can help you too.

 
What is a bridge loan
 

What Is A Bridge Loan?

If you’ve found your perfect home but there’s a gap between the sale and completion dates that may jeopardise your chances of securing the property, then a bridge loan could be the ideal solution. Bridging loans can help to ‘bridge the gap’ if you want to buy a new home before selling your old one*. Bridging loans can also be useful if you want to buy a property at auction, therefore providing you with immediate funds without having to sell your existing house or current property first. In contrast to other mortgages and secured loans, a bridging loan can be secured quite quickly and the lending criteria is much simpler. It is important to consider that even quick-win loans have set-up fees and valuation fees, as a result, it is advised that bridging loans only be used for a short period of time.

Under the umbrella of bridging loans are two types to choose from: Closed bridging loans and open bridging loans.

cartoon hand holding a house
Closed Bridging Loans

With a closed bridging loan, the mortgage lender knows exactly how you will pay back the bridge loan and the exact date you will be doing this. For example, if you know that you can pay back the bridge loan from the sale of a property and have a completion date for the sale, then a closed bridging loan will be suitable. Or maybe you’re waiting for inheritance money to be released and you have a firm date for when the transaction will be completed? Either way, a closed bridging loan is great in cases of certainty and tends to provide lower interest rates compared to open bridging loans because, with a defined exit strategy, the mortgage lender knows that there is a low risk of the borrower being unable to pay back the loan.

cartoon house with mechanic symbol
Open Bridging Loans

With an open bridging loan, there is no fixed repayment date or loan term, but you will normally be expected to pay it off within one year. Since mortgage lenders consider open bridging loans as more risky, an open bridge loan usually has a higher interest rate than a closed bridge loan would, and the mortgage lender will need to be certain that you’ll be able to pay back the loan.

Regardless of whether you choose an open bridge loan or a closed bridge loan, your mortgage lender will require evidence of your repayment strategy – for example, by using equity from a property sale, or by taking out a mortgage. They’ll also want to see evidence of the new property you are purchasing and the price you plan to pay for it, as well as proof of what you are doing to sell your current property if relevant. You should also have a back-up plan in place in case your repayment charge fails. There’s a lot to consider when it comes to bridging loans – but we’re on hand to assist you. Therefore if you’re looking for a Bridging Loan and would like a referral, then we encourage you to contact us today.

 
Bridge to let loans

What Are Bridge To Let Loans?

Bridge To Let mortgages are another type of Short Term Loan, which allows investors to buy a property that they would otherwise struggle to purchase. Bridge To Let loans usually require an exit strategy in place so that the mortgage lender knows how the money will be repaid. This may be through selling the property or refinancing it onto another mortgage type.

You can use a Bridge To Let mortgage on a range of properties – including commercial properties, residential properties or a mixed-type, such as a building that features flats and shops. To help pay back the Bridge To Let Loan, you’ll rent out the property.

 

The great thing about Bridge To Let Loans is that you have quick access to large sums of money, without the need to pay it back immediately. Bridge To Let Loans tend to be fixed-term mortgages, for 2-3 years, allowing you time to make monthly payments from the rent you collect. Bridge To Let mortgages can be approved faster than other types of mortgage loans too, allowing you to get in there before other property investors do and secure your property in no time at all.

Unsure which type of loan is right for you? Trying to decide between lenders? We refer you to specialists that can help you source the most suitable Short Term Loans based on your needs and will support you through the loans process – making it clear, quick and easy. If you’re on the lookout for a loan in Leeds or the surrounding areas including Huddersfield, Bradford, York and Harrogate, or further afield in the UK, then get in touch with us today.

 

How Can Avail Help You? Contact Us Today!

Trying to decide between a Short Term Loan, Bridge To Let Loan and a Bridging Loan? Wondering what the Bridging Loan rates will be, or what the best Short Term Loans are? Avail Mortgage Brokers can assist you, by providing a referral to specialist bridge loan lenders hat can discuss the range of options and find a suitable one for you.

Our professional advisers and mortgage brokers have a wealth of experience in all types of mortgages and have a deep understanding of varying financial situations. From handling customers with adverse credit or poor credit scores in finding a suitable bad credit mortgage, to helping first-time buyers secure their dream home – Avail Mortgages are here to find solutions for every scenario. Our strong connections and relationships with specialist lenders in the mortgage market puts us in an excellent position for guiding our customers.

For more information on how we can help, please get in touch with us today.