The difference in service working with Advias is the bespoke nature of the advice and attention to detail in all matters. Understanding my particularly situation, and coming up with innovative ideas of how to best finance my mortgage was hugely helpful.
Financing a Non habitable property
Bridging finance is a useful tool to raise funds on a property which a traditional mortgage lender may deem unmortgageable or uninhabitable. The property may suffer from damp, be in a poor state of repair or lack essentials such as running water or central heating.
A bridging loan allows for the purchase of the property as this type of lender is more flexible and can appreciate the journey which needs to be taken.
Once the property is purchased, renovated and habitable you can then refinance using a traditional mortgage. The bridging finance is designed to enable the purchase and renovation, rather than be a long-term solution.
The lender is lending on an asset which a traditional lender will not finance, therefore the lending rates are typically higher than standard mortgages. Lending rates can vary significantly depending on the level of deposit and the type of lender rates.
Certain lenders will provide finance similar to a self-build mortgage, where they actually assist with the financing of the build costs.
This type of financing is a specialist subject, it is key to obtain high-quality advice from an experienced advisor.
Which lenders offer this finance?
Bridging Finance is a specialist type of property finance, it is available via specialist lenders and some building societies who understand this area of property funding.
Many of these lenders do not actively promote themselves to the public and work with carefully selected broker partners.
What is the cost of a bridging loan?
Lending rates vary significantly and change on a regular basis. It is important that you work with a broker that is in tune with this area of the mortgage market.
How long does it take to arrange?
We can arrange and complete a bridging loan in a matter of days but for the most competitive loans, up to 2 – 4 weeks is normal.
Refinancing once the property is habitable
Beware that many lenders may have a 6-month rule, this means you may have to own the property for 6 months before being eligible to refinance.
We have lenders that are quite comfortable with a refinance before 6 months have passed.
Speak with an expert
We obtain the best possible Bridging Finance terms by using our own in-house analysis tools in combination with our extensive database of lender contacts.
We offer a personal service and you deal with an expert who can understand your needs and deliver accurate solutions in a timely manner.