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Nationwide Bridging Loan. With confidence growing in the UK housing market and the global economy getting increasingly stronger, bridging loans with high-street banks are a popular choice of short-term financing for property owners Nationwide Bridging Loans could be your solution, a Nationwide Bridging Loan Calculator is not available as far as we can see however we have an excellent calculator that will enable you to work out what all of your costs are going to be so a Nationwide Bridging Loan Calculator will not be needed.
As far as we know Nationwide offer bridging loans at highly competitive Interest rates and flexible packages although it is quite likely that you will need to be an existing client. If you own residential or commercial property and need access to capital quickly, bridging finance could be the best solution for you to move forward with your plans.
Bridging finance is a short-term financing solution that is secured against valuable assets such as a home or business property. The typical terms of a bridging loan last's between 3 and 12 months. However, the length of the term depends on what you need the loan for.
Residential borrowers that are moving home typically accept loans for the shortest term of the three months. This type of bridging loan is ideal for securing a new home before you have sold your existing property but have a buyer and have exchanged contracts.
However, if you don’t have a buyer for your property, and the gap between buying and selling is unknown, consider taking out a bridging loan for a longer period. You can always pay the loan off early without incurring penalties.
Bridging finance is also favored by landlords and property developers that have short and long-term projects underway. Because bridging loans typically take about three weeks to be approved, they enable you to purchase land or property quickly.
Bridging loans are on offer to property developers that have at least a 75% LTV (Loan to Value) ratio, but for developers with a strong property, portfolio can be extended to 100% with the additional security offered.
What Type of Bridging Loans Are Available?
Two types of bridging loan; open and closed. The type you choose will depend on your situation.
A closed bridging loan sets out the exit strategy in the loan agreement. A date is agreed for when you have to pay back the loan and you know exactly how much lump sum you will pay on that date.
Closed bridging loans are considered a lower risk as they are applicable when there’s a guarantee your property or assets will be sold within the time frame of the loan agreement.
The only risk is if the sale of your house falls through at the last minute. However, very few transactions fail to materialise once contracts have been exchanged.
An open bridging loan is better suited to borrowers that do not know when money to pay off the loan will become available. If you have not found a buyer for your property yet, an open loan gives you more time.
However, interest rates on open-ended contracts are usually higher because there is more risk involved for the lender. High-lenders are reluctant to approve open bridging loans, but if this is your best option we can help you with your application.
Terms and Interest on Bridging Loans Nationwide Bridging Loan
Short-term bridging loans are preferred for both lenders and borrowers. Interest is accrued each month and, therefore, the longer the term of the loan agreement, the more you pay as a lump sum when the contract expires.
Due to the fluctuating nature of the UK housing market, property developers and landlords that are renovating are advised to agree to the longest terms of 12-24 months.
Longer term bridging loans give you plenty of time to finish your project and find a tenant. The advantage with Nationwide bridging loans is that they do not charge a penalty for paying off the loan in advance of the agreed date.
Bridging Loans are also flexible going the other way. If a borrower needs to extend the term of the loan agreement, they will usually accept if you keep your account in good standing and have a healthy credit history.
The amount of payable interest will depend on the type of loan and the amount you borrow. Interest rates typically range between 0.44% and 1.2% per month.
You should also note additional costs will be incurred for legal fees, surveys, evaluations and arrangements fees. Take this into account when calculating the cost of a bridging loan.
How UK Bridging Loans Can Help
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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