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Picanto | My10 | 2 | Special edition | Used | Quotes
Bridging finance
Bridging finance can be used for any purpose however, a property is required as security. Be fully aware that bridging finance is interest only repayment. Which means each month, you only pay an interest payment. You do not pay anything off the amount borrowed. If you want to clear the balance, you have to pay the full amount borrowed. This type of funding is designed for the short term only. If you pay the full amount off quickly, it is be far and way the cheapest way to lend large amounts, however, be mindful of the fact that if only pay the interest payments for anything up to a year, it ceases to be less competitive than a normal secured loan. |
The minimum financing value is twenty seven thousand pounds. The maximum term of loan is twelve months. Your house or the property used as security is at risk from repossession if you default on the interest repayments or if you fail to clear the full amount within the twelve month period. There are differing ways of bridge finance, which comprises of 1st charge, 2nd charge, open and closed bridging. Please check with your lender as to the way they will be setting up your bridging finance.
Short term finance
Short term finance ideally needs to be paid off quickly to keep the interest accrued and paid competitive. If you are not one hundred percent certain that you are able to pay off the short term finance within the term of the loan, preferably within the first few months, then make sure you are 100 percent agreeable with the penalties that may occur. Feel free to visit any of the companies that this page links to, however we are not responsible once you leave this page.
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