Regulated Bridging Loan – Buy before you Sell
Using a Regulated Bridging Loan to buy a house before your current home sells, is one of the most popular reasons for taking a Regulated Bridging loan. A Regulated Bridging loan puts you in the position of being a ‘cash buyer’ and able to purchase your new home quickly. Sellers and estate agents always favour cash buyers as they can complete sales quickly.
This can work very well for people who have found their perfect home and do not want to lose out, to other potential buyers. Being a cash buyer puts you in the strongest possible position to secure the sale.
Regulated Bridging Loan – Buy before you Sell
If your house has not yet sold, but you want to buy your next home first to avoid missing out on your perfect home, a Regulated Bridge can help. Depending on whether you have a mortgage on your current home, the bridging loan can be secured on your current home and the new home. In most cases you do not need to use any cash deposit.
The application process is very straight forward as there is no income or affordability assessment because there are no monthly payments. You pay back the loan + interest once your house is sold. You need to be confident your home will sell within 12 months, as that is the maximum term of the loan. If the sale of your home is not enough to completely repay the loan, we can also arrange a small mortgage to fully repay the bridging loan.
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