Halifax Bridging Loan Alternative
Need fast cash to complete on a property? Need to support a broken chain or raise money quickly? GPS Financial can help.
Halifax doesn’t offer bridging loans to anyone except existing customers. If you’re not a customer and need a bridging loan, Barclays isn’t going to be able to help.
GPS Financial is a Halifax bridging loan alternative.
We have access to a wide range of first-class lenders that offer anywhere between £25,000 and £25 million for up to 12 months at very competitive rates!
You can use a Halifax bridging loan alternative to:
- Complete a property purchase while your mortgage is still being arranged
- Buy a property at auction
- Make a purchase while you’re waiting for your own sale to complete
- Support a chain break while you find a new buyer
- Develop a residential or commercial property so it qualifies for a mortgage
Halifax does offer bridging loans but they typically aren’t the most competitive and are for existing customers only. This information is also hard to track down, so you’ll need to consult a Halifax mortgage specialist to find out more about them.
GPS Financial is a much more accessible alternative.
If you need money fast, want the cheapest bridging loan rates and reasonable terms, we’re the people to call.
GPS Financial works with a select range of Halifax bridging loan alternatives that offer very competitive rates, more importantly, make decisions quickly.
You could have the money within days!
What are Bridging Loans?
A bridging loan, also known as a bridge loan, is a short-term secured loan that is most commonly used to bridge the gap between the sale of one property and the purchase of another.
It is typically secured against the existing property, which acts as collateral for the loan.
Bridging finance is ideal for those who need to secure funds quickly and do not have the time to wait for a traditional mortgage.
The loan is usually provided for a short period, ranging from a few weeks to a few months, and is designed to be repaid once longer-term finance has been secured, such as a mortgage.
Bridging loans can also be used for a number of other purposes, including:
- Commercial Bridging Loans
- Bridging Loan Property Purchase
- Bridging Loan for Property Development
- Regulated Bridging Loan
- Auction Bridging Finance
- Bridging for Refurbishment
- 100% Loan To Value (LTV) Bridging Loans
- 85% Loan to Value (LTV) Bridging Loans
- 80% Loan to Value (LTV) Bridging Loans
- 75% Loan to Value (LTV) Bridging Loans
- Bridging Loan for Unmortgageable Properties
The interest rates on bridging loans are usually higher than those on traditional mortgages, reflecting the increased risk that lenders take on.
What are the pros and cons of a Bridging Loan?
The advantages of a bridge loan are that it allows borrowers to access funds quickly and easily, and can be used for a variety of purposes such as buying a property, refurbishing a property or paying off a debt.
Additionally, bridge loans are often less restrictive than traditional loans, which can make them more accessible for borrowers who may not qualify for financing from high-street lenders.
The main disadvantage of a bridge loan is that the interest rates are typically higher than a traditional loan, and the repayment terms are often shorter.
This can make bridge loans more expensive overall, particularly for longer-term borrowing.
Some lenders may require collateral or guarantee to secure the loan, which can add to the cost and complexity of borrowing.
Therefore, it is important for borrowers to carefully consider their options before applying for a bridge loan.
How do I get a Bridging Loan?
The process of getting a bridging loan can be simplified by following a few key steps.
Firstly, it is vital to research lenders that specialise in bridge loans, as they will have a better understanding of the specific requirements and criteria for this type of short-term finance.
It may also be helpful to work with a broker that can offer alternatives to a Halifax bridging loans, who can guide you through the process and help you find the best deals.
Before applying for a bridge loan, it is essential to have a clear understanding of the exit strategy, or how the loan amount will be repaid.
This may involve selling a property or refinancing with a mortgage once the bridging period ends.
It is important to note that bridging loans can be regulated or unregulated, if you secure an unregulated bridging loan, the lender does not need to comply with the same regulations as the traditional high street banks.
This can be both an advantage and disadvantage, as it may provide more flexibility but also comes with additional risks.
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Giving you peace of mind while you sit back and let us do all the work for you while finding you the best deal for your financial situation.
How much does a Bridging Loan cost?
When you need to access funds quickly, bridging finance can be an attractive option.
It’s important to remember that bridging loans can be more expensive than traditional long-term loans, such as mortgages.
The cost of a bridging loan can vary depending on the lender/broker you choose, the loan amount, and the length of the loan term.
Typically, the best bridging lenders will offer a loan amount that is equivalent to a percentage of the property’s value, typically anywhere from 70-85%.
This means that if a property is valued at £500,000, a borrower could potentially secure a bridge loan for up to £425,000.
As with any loan, interest rates will be applied, but you may also face other fees such as arrangement fees, valuation fees, and exit fees.
Before committing to a bridging loan it is important to consult with a financial advisor and compare the options available to ensure that it is the best solution for your specific financial situation.
Why choose GPS Financial?
GPS Financial was created in 2011, with the objective of eliminating the challenges of handling documentation and inaccurate information associated with obtaining a mortgage for your property.
You can sit back and relax, knowing the team at GPS is actively seeking out the best financial solution for you.
Based in Cardiff GPS Financial is an award-winning property finance specialist, taking home the award for Best Firm: Bridging & Commercial in 2022, selected by Dynamo for Intermediaries, one of the country’s foremost Mortgage Clubs.
GPS Financial’s team consists of knowledgable brokers with years of combined experience and expertise in the field. We have access to all the top lenders, guaranteeing you receive the most value and best possible service.
GPS Financial bridging loans are a good alternative to Halifax bridging finance, we are specialist lenders who can get you access to the best rates quickly. Fill out the form at the top of the page and one of our expert financial advisors will get back to you.