Bridging finance from Market Harborough Building Society
Whether you’re downsizing, renovating or even building a new home, a short term bridging loan can be the best way to achieve your property goals.
A residential bridging loan allows you to unlock the value within your existing property to purchase the home of your dreams.
To discuss your plans please call 01858 412412 or email email@example.com and one of our bridging specialists will get in touch.
Key features of our bridging loans:
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 repay 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 daily Credit Committee.
At the Market Harborough Building Society we offer bridging loans from £200k up to £2m.
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.
Bridging loan fees
View our honest and competitive bridging loan rates from the Market Harborough Building Society.
Why choose Market Harborough Building Society?
Why choose Market Harborough Building Society for your regulated residential bridging finance?
Bridging Finance FAQs
Your frequently asked questions about bridging finance answered.
Get in touch
Call us on 01858 412412 to find out more or to apply for bridging finance from Market Harborough Building Society.
Your home may be repossessed if you do not keep up repayments on your mortgage.
TLC for their new home
Our customers wanted to purchase and complete some minor renovation to a new property before selling their current home and moving in. Their plans included upgrading the kitchen and bathrooms, replacing windows, redecoration throughout and full re-landscaping of the gardens. The costs for the renovations were covered by the customers’ savings and they estimated the works could take up to eight months to complete.
The customers opted for up to 24 months bridge with interest rolled up. Nearing completion of the renovation works, their current home sold, redeeming the bridging finance in full at no penalty.
Retired borrower wanted to move into a sought-after retirement flat
A customer in their 80’s wanted to secure a retirement flat that had unexpectedly come onto the market before having sold her large detached property. The enhanced sheltered accommodation was in a desirable location being much nearer to her family. The bridging finance enabled our customer to proceed with the purchase without delay and gave her time to secure a buyer for her former home.
Two loans for growing family
Our customers wanted to buy a larger property for their growing family. They had an offer accepted on their home only to have the sale fall through. With the help of bridging finance they were able to proceed with the purchase of the new home, giving them time to find another buyer. They also needed to secure a residential mortgage for their new home. The Society was able to process both applications simultaneously to ensure a quick completion and a competitive long-term solution.