Homepage  Bridging Loan Calculators  What Is A Bridging Loan  Barclays Bridging Loan  TSB Bridging Loan  Do I Qualify   How Much  Repay Loan  How Long  Bridging Interest Rates  Bad Credit Loans  Proof Of Income  Bridging Loan Uses  Property Types  Limited Companies Bridging Finance Natwest Bridging Loan Rates Santander Bridging Loan  HSBC Bridging Loans Lloyds Bridging  Nationwide Bridging Finance   RBS Bridging Loans Halifax Bridging Loans  What Risks Bridging Loan Companies Non Status Loan How To Apply Bridging Loan With Mortgage Open Bridging Loan Closed Bridging Loan

Bridging Loan.co.uk is a trading name of Top 10 finance Ltd is authorised by The Financial Conduct Authority (FCA) no 725234 The FCA   Think Carefully before securing debts against your home. Your property could be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. We are registered and comply with the Data Protection Act (1998). Registration No: Z2861884 Company registered in England number 06261373.  Privacy Policy

The uptick of bridging finance in recent years has grown exponentially. With banks reluctant to lend mortgages as readily as such we are not sure Halifax Bridging loans are offered if you cannot get Halifax Bridging Loans then there are other options as lots of other lenders do offer this type of finance, we could not find a Halifax Bridging Loan Calculator, however, ours is available HERE. 

 

Halifax bridging loans are temporary products that help borrowers bridge a financial gap. The loans are secured against assets and can be used for a variety of reasons.

 

In general, bridging loans provide individuals and limited companies with the opportunity to move forward with your plans. These secured loans are typically used to facilitate a house purchase, buy a property from auction or for a development project.

 

Limited companies can also take advantage of bridging loans. The minimum value of a business loan must be £25,000 and a maximum of £100,000.

 

Halifax also offers secured loans against the equity in your property or if you need to consolidate debts. Whilst standard loans from Halifax and other banks have rigid guidelines, bridging loans are flexible and have relaxed qualifying criteria.

 

Who Can Qualify For a Halifax Bridging Loan?

 

Bridging loans are available to private or commercial borrowers over the age of 18 that require capital quickly and have assets that cover the value of the loan.

 

Applicants must be a UK citizen, living in the country for at least three years prior to the start date of the loan and need to borrow between £25,000 and £10m

 

In general, bridging finance is secured against commercial or residential property. However, other valuable items such as jewelry, precious stones, vehicles, and machinery can also be used as collateral.

 

Halifax has installed a user-friendly application process in order to make taking out bridging finance more accessible to people that need access to cash quickly.

 

Although Banks still follows through with the same credit checks as they do in relation to standard loans, applicants are judged by the value of your assets rather than your ability to pay back the loan.

 

As a result, applicants do not need to provide any proof of income. However, you must have a property that will cover the loan, and sign a declaration that you understand you could lose your property if you fail to repay the loan plus interest.

 

Bridging finance is Offered to applicants that have sufficient collateral and fall into any of the circumstances below:

•        Need capital to secure the purchase of a new home before selling your existing property
•        Change an existing loan you have on your home
•        Purchasing property or land as part of a development project
•        Buying a house at auction and need money to complete the purchase within 28 days
•        Financing a project
•        Consolidate debts or have a large bill to pay
•        A business that needs capital for materials or equipment
•        Use the equity or the value of your house to raise finance for something else

What are the Terms of Bridging Loans?

 

Bridging finance means that loans are secured against assets such as property. The size of the loan and the collateral Lenders will expect will be evaluated on a case-to-case basis.

 

Ordinarily, Halifax will secure the loan against property, either the house you are buying, and sometimes the house you are selling if there is an outstanding mortgage.

 

Halifax prefers to lend to homeowners with at least 50% equity in their existing home and has already exchanged contracts with a buyer.

 

However, they do try to be flexible and will authorise sensible loans to people in other situations. What assessors will insist on is an exit strategy and a means of repaying back the loan.

 

The exit strategy includes a date the loan has to be repaid by. Borrowers can repay the loan earlier than the agreed date without any penalty.

 

During the interim period, a lender will request a first, second or third charge on your property. If you are unable to meet the terms of the loan agreement and do not repay the loan by the exit date, you can request to extend the loan period. Doing so will incur a charge.

 

If you continuously fail to repay the loan, a Lender will take legal action as a last resort. This may include them issuing a County Court Judgement, filing for bankruptcy, taking ownership of the assets put up as collateral and possible eviction from your property.

 

Unlike standard loans bridging finance can be provided within three weeks. If you need access to capital quickly, a bridging loan could be for you.

 

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.