Use our bridging loan/mortgage rental income calculator to work out how much rental you will need to have to achieve the maximum or desired mortgage/loan amount you want.
Using a bridging loan calculator helps you to plan what capital is required for your home move. Sometimes having calculators such as this is need to know what is required so that you can always be ahead or in-line with your budget.
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