Five questions to ask your bridging loan broker

27 Nov 2019 by Top Tier Bridging Loans

Bridging Loan Broker

There are many brokers offering to help you find the best bridging loans, but each has their own rules and fees. Therefore, before you sign up, make sure you ask your broker some key questions to ensure you have all the information you need.

Do I need a bridging loan or other type of loan?

Before you apply for a bridging loan, make sure it’s the best loan for your needs. Bridging loans are ideal for property developers, businesses that own their own property, and landlords who need a short-term loan as quickly as possible. If you are unsure of the difference between a mortgage, a bridging loan, and development finance, click here for our short guide.

What security do you need from me?

As long as you own a property or land, we will be happy to consider you for a bridging loan. The amount you will be able to borrow will depend on the value of your property. Subject to terms and conditions and valuation, we could be prepared to lend you up to 80% of its value. Please note we can only offer 2nd charge loans on your home and all loans must be for business use

What are your upfront fees?

Some bridging loan brokers do charge upfront fees for their services, whereas others – like Top Tier – don’t. So, before you apply for a loan, make sure you know what you’re committing yourself to. The only fee we charge upfront is for the property valuation.

What are your exit fees?

We understand that you may be in a position to pay off your bridging loan earlier than expected, and some lenders will charge exit fees in these cases. Before taking out a loan, ask about exit fees to make sure you will not be charged – we do not charge for early repayment.

I already have a mortgage on my property. Can I still get a bridging loan?

Yes. You will be able to apply for a ‘second charge’ loan, but you may need to obtain the permission of your mortgage provider which may cause a delay in being approved for the loan.

Got a question? Visit our FAQs page for some more common questions and their answers!

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