Mortgage rates hit 6%: What you need to know
26 June 2023With mortgage rates once again hitting 6%, as a homeowner in Hitchin, Stevenage, or Letchworth, you may be rightly worried.
Bridging Mortgages
The short-term finance solution when you need it most, to secure your dream move or invaluable investment opportunity.
Speak to a mortgage adviserA bridging mortgage or bridging finance can be an ideal option for short term financial cover. For example, you could be in the process of securing your new home, but still needing to sell your current property, with a chain threatening to collapse. Securing the new property is essential, a bridging mortgage provides the headroom to sell your existing home.
Bridging Finance Options
There are two types of bridging finance you can consider, Open Bridging or Closed Bridging.
Open Bridging finance provides the funds on a basis that does not have a fixed repayment date. However, there is normally a maximum term time of 12 months to repay the loan in full.
The Closed Bridging option means that there is an agreed fixed date that the loan will be repaid, so is less flexible than the Open Bridging option.
For both types of bridging finance, it is important to plan your repayment exit strategy. Lenders will need reassurance that you are in a position to take on the funding and are able to repay it in full and on time. Therefore, your plan needs to be realistic and wherever possible you should have a back-up plan in case of any unforeseen changes to your main exit strategy.
This is where our specialist mortgage brokers can help. We can assess your finances and affordability, then help you plan your exit strategy. We have access to an extensive range of specialist lenders, proving the most competitive rate bridging loans, ensuring that you have the most appropriate solution to meet your specific needs.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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