Is a bridging loan a mortgage?
A bridging loan is a type of mortgage as it is a loan secured against a property. But that is where the similarity ends.
Bridging loans are a short term type of borrowing, typically set up for 6-24 months. They can be used against any type of property and you don’t normally have to prove your income.
The interest charges are expensive but they are very flexible, can be set up fast and are available to people who wouldn’t normally get approved for a mortgage.
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HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.