Bridging loans are a short-term funding solution for property transactions to help cover a period between buying a new home and selling your old home.
There are two types of bridging loan, open and closed. With an open loan there is no fixed repayment date, however you would normally pay off the loan within one year.
With a closed loan there is a fixed repayment date ?this kind of loan tends to be used if you have exchanged contracts but are waiting for a property sale to complete.
The lender regardless of which type of loan you choose will expect to see a payment plan and evidence of finance such as the sale of you existing property.
Bridging loans are typically expensive. Usually there will be set-up fee so it is advisable to only take one out if you are confident that you won?t need it for a long period of time.
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Myself and Jake at Belle Maisons Properties ltd would just like to take a moment to say a huge thank you for all of the hard work that the team at Financial Detectives have done for us so far and undoubtedly will continue to do for us. Not only is the service provided affordable, friendly and efficient it's also been a real asset to our company in getting the best possible advice and competitive mortgage rates. The team always go over and beyond for us even dealing with our solicitors and ensuring that everything is progressing. Anyone wanting to begin a portfolio or add to an existing one our advice would be to team up with the Financial Detectives as they have been and integral part of our business. J Jervis & L Dixon J Jervis & L Dixon, 2017
The Financial Detectives were a joy to have working on our behalf from beginning to end. With professionalism, an ability to calm a frazzled homeowner (me) and no apparent exasperation at all they managed to negotiate a very competitive product for us, consolidating much of our debt and ensuring five years of financial stability mortgage-wise for our family. No easy feat as we were not the easiest of applications due to complicated work situations and the aforementioned debt. I would have no hesitation in recommending the team to anyone, and will certainly return to them for a new mortgage in 5 years time, although I fear they may run and hide from us! M & C Hayden M & C Hayden, 2017
Daniel Rowden trading as The Financial Detectives is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority
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