Spike in Bridging Loan Completions Confirms Renewed Borrower Confidence
Bridgingloans.co.uk Welcomes News of Positive Economic Turnaround
The UK’s foremost authorities in the provision of bridging loans have welcomed the news that applications for such financial products are once again accelerating. New data suggests that over the past twelve months alone, completed bringing loans have spiked by an incredible 32% - considerably better performance than the government’s Help to Buy scheme.
A long-time advocate of bridging loans and a trusted advisor on all related matters, Bridgingloans.co.uk is delighted to see such signs of growing borrower confidence. The UK’s property market as a whole is shaking off the economic slump and striding proudly back to strength, triggering a much-needed rise in borrowing applications and general public and professional interest in the market.
How it Works
“A bridging loan is used as a short term alternative until a longer term solution is available. Depending on the use and criteria, rates currently start from 0.65% per month and for a term of usually up to 12 months, albeit longer periods can be negotiated either at the beginning or throughout the initially agreed term of the loan.” - Bridgingloans.co.uk
One of the most common uses of bridging loans across the UK today is as an immediate source of income which can be used to make a speedy purchase of a property. For example, when selling your own property it can be something of a bind to wait for that sale to coincide with the purchase of a new property. An obvious solution may be to take out a mortgage on the new place, but doing so could tie the borrower into long term borrowing that they do not want.
With a bridging loan, the necessary funds can be borrowed much faster and for a lower long term paid rate of interest, in turn ensuring that no golden opportunity be missed. It’s easy to arrange and contracts rarely go on for longer than a few months – an excellent alternative to standard borrowing.
A Significant Spike
“We pride ourselves on the speed of our transactions. We will normally call you within hours of an emailed application and supply a written agreement shortly afterwards. If you call our office, this process will be even quicker. If you decide to progress with the application we can instruct the valuation and legal team immediately while the paperwork is being processed, thus saving valuable time.” - Bridgingloans.co.uk
The growth in bridging loan application volumes over the past year demonstrates not only the growing need for rapid access to financial services, but also the public’s satisfaction with what’s being offered. Businesses looking to close important deals and those looking to take step up the property ladder are finding it easier than ever before to take out a very temporary loan to cover their needs and avoid missed opportunities.
Bridgingloans.co.uk is a leading UK finance broker & principle bridging loan funder with a unique commitment to transparency and customer service excellence. Bridging loans are offered on the back of comprehensive and digestible information to ensure rational and beneficial decision making across both domestic and professional circles alike. The team takes great pride in pioneering innovative new services to meet the short-term financial needs of UK borrowers from all walks of life. For more information or to get in touch, check out www.bridgingloans.co.uk
Bridgingloans.co.uk is a leading UK finance broker & principle bridging loan funder with a unique commitment to transparency and customer service excellence.
Aug 15, 2014