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Bridging loans are a non-status loan so the fact that you have bad credit on your file really does not make that much difference, because Bridging loans are secured against an asset lenders are far more flexible about who they will offer loans too, unlike with personal loans where the lender has no security to fall back on if the loan goes into default a bridging lender has the property or asset to fall back on and get their money back, so even with county court judgments or defaults registered against you a Poor Credit Bridging Loan is still possible very often for people with less than perfect credit a bad credit bridging loan are the only solution available to them, one thing lenders will insist on is that if you have any outstanding county court judgments or defaults that you clear them off first with the loan, this is also an excellent way of starting to rebuild your credit history.
Also with a bridging loan you do not even need to be employed or show any proof of your income only if you elect to pay your interest monthly will proof of income be required, however nearly all bridging loans come with what is called rolled up interest, what this means is that the expected interest for the duration of the loan is deducted from the advance that you receive, it basically works as follows.
If you had a loan of £150,000 and the interest was 8% per year then assuming you had the loan for 12 months the amount of interest you would pay back to the lender would be £12,000 for the duration of the loan so what the lender would do is take the £12,000 from the £150,000 and give you a nett amount of £138,000 you then do not need to make any monthly payments, assuming you paid the loan back in 6 months the total interest payable would be £6,000 so you would only pay for the time the loan had been outstanding which means you would only need to pay back £132,000, interest is always calculated on a daily basis this means you only pay for the days that your loan is outstanding.
What Costs come with a poor Credit Bridging Loan?.
Obviously a bad credit bridging loan is going to cost you more than if you had good credit but this type of lender is not that fussed about the fact that you have a bad credit history, although the interest rates that you will be charged will be more and depend on the quality of the property that you are offering them as security for the loan, it really is all about getting you access to cash from your existing property or allowing you to buy a property when no other type of funding is available to you, rates for this type of loan start at from 8% and can go as high as 12% pa, although if this is the only option you have then rates are not the only consideration.
Bad Credit Bridging Loans Other costs you will have to pay are as follows.
Valuation costs are for the lender to have the property valued the amount you will have to pay for the surveyor to value the property has no relation to the the fact that you have bad credit and will be exactly the same as if you had an excellent history valuations can be as low as £300 and then increase in accordance with the overall value of the property or the complexity of the loan, you will always
agree to this amount before you instruct the valuer.
Bad Credit Bridging Loans Legal Fees.
You will have to account for legal fees for both your own solicitor and also the lenders, as with the valuation this should have no effect on the amount you will have to pay unless there are additional complications, for legal fees we would recommend you factor in a minimum of £500 for both solicitors, as with the valuation these can be more but you will always agree to them before you instruct them to act for you.
So to recap Poor Credit Bridging Loans are freely available with a bad credit file the interest will cost more but very often this can be the only easy way to access credit so it is all relative to your circumstance at the time, we are used to dealing with bad credit loans and understand that it's not the end of the world when it comes to raising finance almost all bridging loan lenders will offer funding they see it that they are lending against the property that is offered for security and as such your credit file will not count against you when applying for a loan.
UK Bridging Loans are one of the UK’S leading bridging loan brokers and can search all of the loans on the market to source the perfect deal for your circumstances.
Contact us now to discuss your proposal and we can assure you of the very best advice and service, call us now 0800 138 6001 or use the contact form on this page to compare loans.
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