NatWest Bridging Loans
NatWest bridging loans are no longer available but if you need money in a hurry, GPS Financial can help. Bridging loans from GPS Financial are the faster alternative to one of the High Street’s most trusted banks.
NatWest, National Westminster Bank, is one of the most well-known banks around.
Even though it’s one of the youngest banks, founded in 1968, it has millions of UK customers. It doesn’t provide bridging loans as it prefers traditional finance but does provide a selection of mortgages and other financial products.
If time is of the essence and you need fast finance to complete a purchase or buy property at auction, a bridging loan can help.
As there are no NatWest bridging loans, GPS Financial can arrange competitively priced loans from other reliable lenders.
You can use your NatWest bridging loan alternative to:
- Support a chain break for a property purchase
- Buy a property at auction
- Develop or renovating a property so it qualifies for a NatWest mortgage
- Complete a time-sensitive property purchase while your NatWest mortgage is being processed
It’s a shame NatWest bridging loans are no longer available as most people know and trust the brand.
Fortunately, GPS Financial has access to a range of equally trustworthy lenders willing to provide anywhere between £25,000 to £25 million for periods of up to 18 months.
What is a Bridging Loan?
A bridging loan is a short-term loan that is designed to bridge the financial gap between the buying of a new property and the sale of an existing one. It is a type of secured loan, meaning that it requires collateral, usually the property being sold.
Bridging finance can be used for various purposes, such as purchasing a new home before the current one has been sold or renovating existing properties.
They are popular amongst property developers who need to purchase properties quickly and do not have immediate access to funds.
Bridging loans typically have high-interest rates, which are reflective of their short-term nature and the speed at which they can be accessed.
The loan is usually repaid in full once the property has been sold or a permanent mortgage has been secured.
It is important to carefully consider the costs and risks associated with bridging loans before applying for one, as they are not suitable for everyone.
How much does a Bridging Loan cost?
The cost of a bridge loan can vary depending on the loan amount and the terms of the loan.
In general, 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’s value is appraised at £500,000, for example, a borrower could potentially secure a bridge loan for up to £425,000.
The valuation fee covers the cost of a professional assessment of the property being used as collateral for the loan, while the broker fee is charged for the services rendered in sourcing the loan.
Generally, the cost of a bridge loan is balanced against its potential benefits, such as providing access to funds quickly, allowing buyers to secure their desired property, and offering flexibility in the timing of property sales.
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How does a Bridging Loan work?
The loan is typically secured against the current property that is being sold and is intended to provide the borrower with the funds needed to purchase the new property before the sale of the old one is complete.
The terms of a bridge loan will vary depending on the lender, but typically the loan will be repaid once the property has been sold.
As with any loan, interest rates and fees will apply, and the borrower will need to meet specific criteria in order to qualify for the loan.
While a bridge loan can be a useful financing option for those looking to purchase a new property, it is important to carefully consider the terms of the loan and work with a lender who can provide the necessary guidance and support.
What can you use a Bridging Loan for?
The main purpose of a bridging loan is to bridge the financial gap until a long-term funding solution is found.
These loans can be used for various purposes but are commonly used for buy-to-let investments or to purchase a new home before an existing property is sold.
Bridging loans can be used for a variety of different circumstances 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
- 80% Loan to Value (LTV) Bridging Loans
- 75% Loan to Value (LTV) Bridging Loans
Generally, the interest charged on the loan will be higher than for other types of loan, but this is reflected in the speed and flexibility they offer.
In summary, bridging loans are useful for those who need quick access to cash to buy a property and don’t want to wait for their mortgage to be approved.
Why choose GPS Financial
GPS Financial was founded in 2011 with the objective of getting rid of the difficulties associated with handling paperwork and incorrect information when it comes to obtaining a mortgage for your property.
We will take care of everything, so you can be confident in our efforts to find the most appropriate financial option for your needs.
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.
The team at GPS Financial is a group of knowledgeable brokers who have extensive experience in the industry. We have access to all the top lenders, guaranteeing you receive the most value and best possible service.
Contact GPS Financial today for a fast, no-obligation alternative to a NatWest bridging loan! Fill out the form at the top of the page and one of our expert advisors will get back to you.