Regulated Bridging Loan
A Regulated Bridging Loan is a short term mortgage secured on your current main residential home, or a home you intend to live in. It is usually a 12 month facility and offers speed, flexibility, convenience and a stress free move. Unlike a mortgage, there are no monthly payments.
Regulated Bridging common uses
A Regulated Bridging Loan can be a very useful and convenient finance option to help you on a short term basis. Here are some of the most common uses for a Regulated Bridging Loan:
- Buy before you sell: Buy a new home, before your current home sells
- Auction Purchase: Purchase a home at Auction
- Chain Break: Complete on a house purchase after a break in a sale-chain
- Capital Raise: Raise money quickly for business use or tax bills
- Downsizing: Selling a large home to buy a smaller home
- Cash Buyer: Bridging finance to become a cash buyer for a home
High street banks do not offer these types of loan, instead specialist lenders offer bridging loans and usually only via specialist regulated brokers like First Select Bridging Loans. It is a regulated product and must be arranged and advised by a qualified FCA regulated mortgage adviser.
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.
Applying for a Regulated Bridging Loan
The application process is very straight forward and unlike a mortgage, does not require any income or affordability assessment, so there is no need to gather bank statements or payslips or pension statements. A valuation may be needed on your property, although lenders can use a ‘desktop’ valuation saving time and cost.
Your exit plan is the most important part of the application and lenders need to be certain you can repay the loan within the 12 month term. Sale of a property is usually the most easy method, but lenders will accept other exit plans such as remortgage, pension, inheritance and equity release are just some.
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