Bridging loans or Development Finance
Bridging loans
We are completely independent and have a small team to help you get the best bridging loan deal possible. A bespoke application can help you with your specific requirements.
- Bridge loans from £30,000 to £2,000,000
- Straight forward application
- Loan terms from 1 to 36 months (1 to 3 years)
- Competitive interest rates
- Fast payout
- No broker fees, no broker commission from the client.
Development Finance
Use our specialized department to help you get a commercial/residential mortgage or development finance straight into your bank. We specialize in buy-to-let mortgages, residential mortgages and development finance.
- Development finance loans from £30,000 to £2,000,000
- Straight forward application
- Loan terms from 1 year +
- Competitive interest rates
- Flexible plans
- No broker fees, no broker commission from the client.
About SelectFinance
Bridging loans / Mortgages for Buy to Let & Residential
If you are looking for the best deals for Bridging loans in the UK as well as buy to let mortgages, you have come to the right place. Recently, the buy to let industry has changed. The criteria are different depending on which lender you go to. Compared to the buy to let mortgages before, the rental income covering the mortgage payments is not the only criteria that will be assessed. Mortgage direct lenders are now taking other factors in consideration just they would do with underwriting residential mortgage applications. Buy to let mortgages have an assorted range of products to choose from. Lenders in this space could accept between LTV90%, LTV85%, LTV80%, LTV 75% or LTV60%. Whether you’re a first-time property buyer, a first-time landlord, or an ex-pat, looking to borrow with no income, there are lenders out there that can facilitate a mortgage application for you.
Bridging Loans for Auctions
Bridging loans
Bridging loans can help you as you wish to buy your property at an auction. As you may be aware, buying properties in an auction requires immediate finance to hold the property when you win. Normally, a 6-7% deposit is needed upon winning the property auction and you may have a 1-month timeframe to complete the purchase.
Property Auction Finance
Property auctions are fast moving and you may save a lot on the price compared to buying from private sellers or agents. Direct mortgage lenders may require your property to be in a habitable state before they can offer the mortgage. Most of the time, property auctions auction homes that may need refurbishment in order to satisfy the lender's criteria to lend. Therefore, bridging loans will help you with this.
Bridging Finance Companies
Bridging Finance Companies such as us, tend to go the extent in finding out which product is suitable for your specific situation. We tailor make a product to help you progress in your purchase(s). Our rates are very competitive and have a fast turnaround.
We found that high street lenders or banks, are not for everyone. They may not offer bridging loans that suit your financial situation for the term needed. This is where SelectFinance steps in, to help you in get out of any difficulties you may face.
Bridging Loan Providers
There are some bridging loans providers who do not offer the loan to value (LTV) to suit your circumstances. You can have a deposit as low as 10%, terms and conditions and full application applies.
Our Bridging loan calculators is intended to give you a rough estimate on the repayment amounts, the interest that is charged in your We have the most competitive pricing available to help you bridge the finance needed when moving homes.
We have direct lenders access to independent lenders to facilitate your Bridging finance application. Direct access to bridging finance underwriters is crucial when undertaking the necessary steps to finance. There are no broker fees involved when applying.
Bridging loans are loan advances that will help you on a short-term basis. Bridging finance has terms between 3 to 12 months. It is typically taken out for a period of 3 to 12 months and aforementioned all depends on the arrangement of the other larger or smaller longer-term financing available. Use our bridging loan calculators below to work out what you can borrow and the costs involved. These advances are intended to help people purchase the desired property before actually selling their current property. It helps to minimize the time taken from selling your property to when the new home mortgage is due for repayment. It is ideal for those with a chain. Bridging finance is used as short-term and may have a higher rate of interest as opposed to other finances available, such as mortgages or, commercial mortgages.
FAQ'S
Bridging Loans UK Explained
Bridging loans work by borrowing a sum of money from a specialist lender for a short-term only. Terms can be from 1 year up to 36 months. They are regularly used to finance you for some time whilst enabling you to refinance your property, or even to sell a property. Bridging loans are breaks the chain you would be in whilst trying to sell your old home to repurchase another. This way, you don't have to wait till your old property is sold to purchase another. The bridge loan UK is repayable in full at the end of the term agreed.
A short-term backed finance straight into your bank with a quick turnaround.
Bridging loans costs need to be broken down to know the costs. The main costs of these loans are mainly the interest. The interest rate can vary but usually around 1 to 2% of the amount borrowed. The interest rate lower if a greater sum is borrowed. There may be an arrangement or broker fees. An arrangement/broker fee are fees that are payable on completion. It is at the discretion of the lender they want to waive this fee.
The easiest way to understand how they work is understanding the fundamentals and reasons why such loans are taken out in the first place. There are many advantages to taking out a bridging loan. For example, you do not have to wait to sell your old property if you are moving homes. Your new purchase can be funded straight away thus giving you more time to sell your old property.
These loans are backed finance to you for moving homes, refurbishment, extra money upgrading your home. These loans need to be repaid by the end of the loan term agreed.
Depending on your circumstances and case, you could be able to borrow between £30000 to £2000000. Once a specialist looks into your case, they would be able to paint a clear picture of your case. Every detail of the loan will always be presented to you in a clear form suitable for you.
Applying for this advance is easy as many applications you may have faced before. There are some personal security questions which can help check whether a bridging loan would be suitable for your needs or not. The rest of the information needed is to conduct searches on your behalf, such as ID, Fraud checks, etc. Enquire now
Welcome to our SelectFinance
Enquire nowWhy us?
Data & Flexibility
We have been helping people for years. A wide range of residential and buy to let mortgages, Bridging loans finance options available to choose from depending on your current circumstances. We do all the work so you don't have to. No fax required. Online applications are quick and we will facilitate your residential and buy to let mortgages as seamless as it can be.
- Smart Affordable Long-Term loans
- Straight forward application
- A range of specific options of residential and buy to let mortgages or loans and term is most suitable
- Affordable repayment options, competitive interest rates
- Fast payout
- No broker fees
Smart Loan Options
- Get a Smart & Affordable Long-Term mortgages between £50,000 to £1,000,000
- We are equipped with up advanced technology in order to help us gain an insight into your financial situation
- Choose which loan and term is the most suitable
- Realistic and affordable repayment options
- Residential, Adverse Credit mortgages, Commercial & Semi-Commercial property, all considered
- Tenure, term of up to 12 Months facilities available
- Up to 90% loan to value. 100% with dependant on additional security
- Faster Completions
Contact us
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Monday-Friday (9am-5pm)
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Web: https://www.selectfinance.com