When you apply for a secured homeowner loan, you will typically choose the amount you need to borrow (usually between £20k and £250k), and the number of years required to pay the loan back. With this in mind, most secured loans have a life expectancy ranging from 3 to 30 years. However, if you want to borrow a large sum of money and you would like to repay the debt more quickly, you will normally find yourself much better off with a secured bridging loan. Most bridging loans are paid back within 12 months and you can usually settle the debt months in advance without any hefty fines or early repayment charges.
Unlike the vast majority of mortgages and other secured loan products, bridging finance can be secured against any property type and, instead of making regular monthly repayments, the borrower is only required to make one single payment at the end of the agreed loan term. This one-off repayment typically includes the amount borrowed, the accrued interest and any additional fees set out in the agreement. Although bridging finance used to be expensive, today’s borrowing rates are phenomenally low – with monthly interest starting at just 0.46% on products with an LTV ratio of 50% and below.
Competitive Bridging Loans for UK Homeowners
As a leading borrowing expert, Secured Loans UK is able to offer a number of alternative funding solutions which most banks and building societies simply cannot provide. As long as you have sufficient equity in your home, or some other property that you own, we can find or create a suitable bridging loan product that is based entirely on your individual borrowing needs. Another advantage offered by this type of finance is the speed at which a loan can be arranged. On previous occasions, we have even provided much needed access to funds in a matter of days.
Whether you are looking to purchase a property at auction, settle an urgent tax bill, or you need to raise the deposit for a new build home and simply cannot wait, a competitive bridge loan from Secured Loans UK is the perfect solution. You can even use bridging finance to pay for a once in a lifetime holiday or as a means of raising cash to expand your business with new stock or equipment. In short, once you have been approved, your bridging loan can be used for absolutely anything. Our borrowing rates are the lowest on the market and we are also able to underwrite our own borrowing products depending on your needs and circumstances. Furthermore, our highly affordable secured bridge loan products are also available for both residential applicants and commercial borrowers.