Residential Bridging Finance
Get your dream home – fast!
Key Features of our Bridging Loans:
- Minimum loan of £200k
- Maximum loan of £3m
- No Early Repayment Charges
It is a short term loan that is used to ‘bridge’ a gap between selling one property and purchasing or renovating another. This might be a new home, investment property or even building a new house. Loans are usually for less than 12 months and need a plan of how the loan will be repaid, for example the sale of the property on which the loan is secured; there are other options for repayment, we can discuss these with you.
We carefully consider every application, ensuring that you will be able to re pay your debt. We will consider anybody from age 18 to 85 for a bridging loan, subject to status. We specialise in lending to retired customers.
In order to qualify for a residential bridging loan, you must own your property; this could be outright or with an existing mortgage.
You may be working, retired, or have a mixed income; we are happy to find a solution to meet your situation.
It gives you more negotiating power when purchasing a new property. You can buy your dream home when it appears on the market before selling your own, or quickly resolve a problem with a property chain with minimum disruption.
We can also lend you the funds to carry out work on a property, such as fitting a new kitchen or modernising your home.
Our bridging loans are far more flexible than a mortgage or traditional finance, meaning we can lend to older and retired borrowers or those who are asset rich but have limited or mixed income.
We assess bridging loans on a case-by-case basis and they are personally approved by our specialist lending team, chaired by our Chief Executive, Mark Robinson.
At the Market Harborough Building Society we offer bridging loans from £200k up to £3m.
Once you have submitted your application, funds can be released quickly, often in as little as 10 days.
We work hard to make sure your application is processed efficiently so you can get your money as soon as possible.
A bridging loan is typically repaid within a year. You will have an individual repayment plan which is agreed based on your requirements.
Although you will have an ‘end date’, there are no early repayment charges on our bridging loans, allowing you to repay your loan earlier than originally planned.
We understand that there can be unexpected circumstances so if you find you require an extension period, this can be discussed; we will support you throughout your bridging journey.
Your home may be repossessed if you do not keep up repayments on your mortgage.