Short term regulated loans for residential properties located in England and Wales that meet the criteria below.
Regulated bridging finance for chain breaks, quick purchases and light refurbishment.
6 to 12 months
Max LTV net
Max LTV gross
Early redemption charge
Monthly interest rates
Interest is calculated daily, then rolled up and added to the loan balance each month. Arrangement fees and other fees (title insurance) can be deducted from the advance or paid separately.
Residential properties only.
We can take a single security for the loan, or accept multiple securities (max 2) for the loan, but all security provided will need to be on a 1st charge basis.
1st charge only.
Light refurbishment only. Refurbishment work that requires either building regulations approval or planning permission is not allowed.
Freehold, or leasehold with 60+ years left on the lease.
No maximum age limit where sale of existing property or proceeds of probate is the agreed repayment strategy. Wherever a refinance forms part of the agreed repayment strategy, a maximum age limit of 75 years old at the end of term will apply.
Individual borrower requirements
Must be a UK resident and have been resident in the UK for the last 3 years, or have a 3 year UK residential history and a permanent right to reside in the UK. No first time buyers allowed. Maximum number of individual applicants is 2.
Individual borrower credit profile
No bankruptcy/IVA in the last 6 years.
Defaults allowed: none in past year, 1 in last 3 years.
Missed mortgage/secured payments allowed: none in past year. 1 in the past 3 years.
Unsecured arrears allowed: 2 in past 3 years.
County Court judgments (CCJs) allowed: 1 in the past 3 years up to a maximum value of £500 which must be satisfied prior to completion.
Criminal convictions: Not permitted unless relating to motoring offences.
No income or affordability proof is required where the exit is sale of the security property. Wherever a refinance forms part of the agreed repayment strategy then evidence of income will be requested.
Sale of current property. Inheritance where a grant of probate has been issued. Remortgage provided evidence of mortgage offer is provided. Where multiple securities are used remortgage can be used in combination with the sale of another security property.
Valuation and legal
We take our legal and valuation requirements very seriously. Our loan evaluation process is designed to make this as efficient and reliable as possible.
Independent security valuation
We will carry out an independent valuation of the borrower’s security in order to confirm how much we can lend against the property.
We will instruct our solicitors to work on your client’s mortgage. Fees are typically charged directly to the borrower by the solicitor.
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