If you're in search of a suitable bridging loan, consider the following:
1. Determine your loan requirements: Define the exact amount and duration needed for the loan. Remember that bridging loans come with higher costs, so ensure you can repay them within a short period.
2. Understand your financial situation: Be prepared to answer questions about your property's value, existing mortgage details, equity, and monthly income and expenses when discussing with potential lenders.
3. Conduct thorough research: Don't settle for the first loan option you encounter. Explore various lenders and consider enlisting the services of bridging loan brokers who can provide market insights and access exclusive rates (note that brokers may charge a fee).
4. Read the terms and conditions: Carefully review the fine print, especially regarding associated fees, before finalising any agreement.
5. Lastly, aim to apply for loans that align with your eligibility to improve the likelihood of approval. While credit scoring companies in the main like Experian do not compare bridging loans, we offer comparisons for personal, secured, and guarantor loans. Check your eligibility rating when comparing loans with us.
Please remember that as a credit broker, we facilitate finding deals but do not provide credit or make approval decisions.
Please contact us with your questions:
0333 344 3447
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.