Regulated Bridging Loan for Chain Break
A ‘Chain Break’ is a nightmare scenario for house buyers and estate agents alike. House sales usually run in ‘chains’ with one person buying a home from someone who is selling. But the person selling is usually buying somewhere else. If that deal falls through, the whole chain underneath cannot move either. This is often called a chain break.
If a chain breaks, new buyers need to be found and the whole process starts again. House chains can take months to complete, so starting again from scratch can put people off or ruin other peoples plans. Its not uncommon for people to simply drop out or decide not to buy or sell.
Fixing a Chain Break
A Regulated Bridging Loan can allow you to still complete on the purchase of your new home. This means you can still sell your home to your buyer, and purchase the one you intended to buy. There is obviously a cost to the bridging finance, but it means you can secure your dream home, reduce stress and complete on the deal.
The funds from a Regulated Bridging loan can be released in a matter of weeks, sometimes days if needed. There are no monthly payments, you simply repay the loan in full when your house sale completes.
Key Features of a Regulated Bridging Loan:
- Loans from £25,000 to £10,000,000
- Loan to value up to 70% (100% with additional security)
- Secured on Residential Property
- No monthly payments
- No income or affordability assessment
- No exit fees
- Repay in full or in-part at anytime without any penalty
- 12 month term
- Receive funds quickly, usually in weeks and sometimes in days.
Contact us
About us
First Select Bridging Loans are friendly and professional FCA regulated mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 0161 393 1575 // 07780 446 937
Email: hello@firstselectfs.co.uk