Terms and conditions of residential bridging finance
Are you thinking about applying through us for residential bridging finance quotes?
DON'T DO IT!!
NOT UNTIL YOU HAVE READ THROUGH THE TERMS AND CONDITIONS
There are four main styles of bridging available as homeowner funding. 1st charge, 2nd charge, open and closed. Make sure you check with the broker as to which type of financing he is thinking about getting you quotes on. Also get him to qualify whether it would be regulated or unregulated. The main difference between the latter two is that one is governed by the FSA, the other isn't.
The short term financing is also a secured form of borrowing and here is what you can use as security.
- End terraced
- Mid terraced
- Ex-council house
- Semi detached
- Flat or apartment
- Rest/Nursing/Retirement home
- Mechanics garage
- Retail outlet
Terms of funding
As you will be receiving multiple quotes from Hank, we cannot say 100% accurately what the actual terms and conditions will be for each individual lender that accepts you. We can only give rough guidelines, and here they are:
- A property is required as security.
- You may not be allowed to live in the property that is used as securty, nor can family members.
- Minimum term could be 30 days.
- Maximum term could be 365 days.
- LTV could be between 50 and 70%.
- Interest could start as low as 0.69%.
- Defaulting on the interest payments could lead to repossession.
- Failing to clear the full amount in the respected time frame could lead to repossession.
If you have any other questions, feel free to call us up on 0845 463 1714.
You can also request us to call you or use the online application form to see if you would be accepted and by how many lenders of home owner bridging loans.
We look forward to speak and hopefully helping you get an offer of cheap residential bridging finance.