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Amounts are From £25k to £10m
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Barclays Bridging Loans and Barclays Bridging Loan Calculator, Barclays Bank are a High street bank based in the UK, although they also have many overseas branches, whilst Barclays do offer bridging loans you will find that it is likely that you will need to be already a customer or at the very least hold some financial product with them like an existing mortgage product, if you are already a customer then a quick call to your bank should be enough to find out if they will offer you bridging finance, if the answer is no and or you want to check out that you are getting the best interest rates then it is well worth using our service to see what other lenders are offering as well, we will search all of the lenders on your behalf and present you with the best rates and deals for your loan, the interest rates on offer depend on your circumstances and the loan amount and loan to value of your requirement.
As far as we can see a Barclays Bank Bridging Loan Calculator is not available on their website, however we are able to offer information that will enable you to easily work out what your costs will be you can access this Here this will enable you to see what costs you are likely to look at on your loan.
Bridging loans offer a short-term financial solution for borrowers who need a loan of up to 18 months in order to cover a gap in funding either for a property you are intending to buy or whilst you sell your own property, you can also use them for equity release from an existing property that has equity built up in it up to 80% of the loan to value, you basically offer the property as security for the loan as opposed to a personal loan where no asset is required, bridging loans, unlike personal loans, are unlimited in the amount you can borrow whereas with a personal loan they are usually only available up to £25k.
You will pay the Bridging Loan back either from the sale of a property or from another source of income that you are expecting within the loan period, you will have to show the lender that you have your property with an agent and that you are actively marketing it for sale at a realistic price, if the funds are coming from another source then the lender will ask for proof that you are likely to be able to access the funds you intend to use to pay back the loan.
Barclays Bridging loan rates are fairly standard, however rates can vary enormously across lenders so it pays to get your bridging loan quote from as many as possible, rates can start at as low as 4% pm for the best loans, these rates, however, would be for a low loan to value bridge, bridging loan rates tend to go up the higher the loan to value you need for your loan so it is always best to take a bridge for as little as possible, only take as much as you really need to keep rates low.
A Barclays Bridging Loan could be used for many uses some of which follows:
Often you will see a property that you would like to buy but do not have the time to get a mortgage on it in the timeframe allowed because most estate agents want to see proof of funding a bridging before they will even consider putting forward your offer, with a bridging loan this is not the case as you have an offer to show them and as such you become a cash buyer this will allow you act quickly and the vendor knows you can complete because you are not in a property chain and or relying on a mortgage offer, once you have purchased the property you can either sell within the loan period or refinance with a mortgage.
Bridging Loans for a broken property chain.
Often when buying or selling a property buyers and sellers are linked together in a property chain of numerous buyers and sellers all dependant on each of the properties selling before the chain completes, very often these chains can include 3 or even more properties all dependant on the chain, if one pulls out the whole thing collapses this is where you can utilise a bridging loan to repair the chain and allow all of the transactions to complete. Once everything has completed you then use the sales proceeds to pay back the bridging loan.
A Barclays Bridging loan can also be used when buying at auction because a mortgage takes so long to arrange buyers use a bridging loan to make the initial purchase and then either sell the property to redeem the loan or take out a mortgage at a later date.
Barclays Bridging Loans for other purposes.
You can also take out a bridging loan to access equity in a property you own if you have a short-term cash requirement and cannot get a loan from other sources, this will allow you to get up to 80% of the value of your property less any outstanding debt that is secured against it with another lender you can use the loan for any reason and pay it back once you are in funds or sell the property within the agreed loan period.
What Next with your Barclays Bridging Loan?
The most important thing to do is get a bridging loan quote from as many lenders as possible this will ensure you get the most competitive rates that are available for your circumstance, with so many lenders each one specialises in providing loans that fit their niche, we are able to compare all UK Lenders to offer you the very best terms.
Contact us to go through all of the options that are available to you can use chat, our web form or give us a call any time day or night and at the weekend.
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 go to compare loans.
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