Bridging

  • Initial rate:

    7.15% variable

  • APRC:

    10.1%

  • Product fees:

    1.5% purchase

    1.5% remortgage

  • Maximum LTV:

    75%

  • Early repayment charge:

    No

  • No ERC
  • Overpayments allowed

Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest rates:

  • 7.15% variable. Our standard variable rate (SVR), currently 6.15% plus 1% for the term of the mortgage
  • For comparison purposes: 10.1% APRC

Maximum LTV:

  • 75%

Fees:

  • Booking fee: 0.75% of the total amount of borrowing, payable on application, non refundable
  • Application fee: 0.75% of the total amount of borrowing, payable on completion
  • Valuation fee is payable
  • Mortgage Exit Administration Fee (MEAF): £100

Loan size:

  • £50,000 (min) - £500,000 (max)

Early repayment charge:

No early repayment charge payable

Overpayments:

Yes, overpayments are allowed

Representative example:

A mortgage of £218,750.00 payable over 1 year on our standard variable rate currently 6.15% plus 1.00% giving a current rate of 7.15% for the mortgage term of 1 year would require 12 monthly payments of £1,303.39.

The total amount payable would be £239,690.68 made up of the loan amount plus interest of £15,640.68 a booking fee of £2,400, an application fee of £2,400, a valuation fee of £400 and a MEAF of £100.

The overall cost for comparison is 10.1% APRC representative. Please note this illustration is based on an interest only basis (capital and repayment is also available)

Who’s eligible to apply?

  • Available to those looking for a short term bridging loan
  • Property must be located in England or Wales (some London restrictions apply)

Fees:

  • The booking is payable on application and is non refundable. If we decline the mortgagebdue to status we will refund the fee.
  • The application fee is payable on completion and can be added to the mortgage.
  • If you lose the property we will not refund but will hold the bridging loan available for you for 3 months and you will not have to pay this portion of the fee again.
  • A valuation of the property will be required to assess the security offered for the loan. We offer the choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer’s Report that will give you a more comprehensive guide to the condition of the property. The fee for this is payable in advance and cannot be refunded once the valuation has taken place.
  • A mortgage exit administration fee (MEAF) applies when you repay your mortgage. You may have to pay this if:
    Your mortgage term comes to an end;
    You transfer the loan to another lender; or
    You transfer borrowing from one property to another.

Other charges:

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of Charges leaflet, which you will be given before your mortgage completes. They can also be found on our website.