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Bridging

Key Features

Mortgage type 
  • A variable rate mortgage has an interest rate that can fluctuate. Lender's have a standard variable rate (SVR) on which they base their variable mortgages. The lender can decide when to increase or decrease this standard rate, usually based on the movement of the Bank of England's base rate.
Interest rates 
  • 5.2% variable. Our Standard Variable Rate (SVR) plus 1.00% for the term of the mortgage
Maximum loan to value 
  • 75 %
Fees 
  • Application fee: 0.75% of original advance amount
  • Booking fee: 0.75% of the original advance amount
  • Mortgage Exit Administration Fee (MEAF): £115
  • Valuation fee applies
Features 
  • No Early Repayment Charge (ERC)
  • Portable
Loan size 
  • £50,000 (min) - £500,000 (max)
Early repayment charge (ERC) 
  • No Early Repayment Charge (ERC) applicable
Eligibility 
  • The property must be located in England or Wales.
  • The maximum term is 1 year.
  • Minimum property value of £125,000
Representative example

A mortgage of £585,000 payable over 1 year on our standard variable rate currently 4.2% plus 1.00% giving a current rate of 5.2% for the mortgage term of 1 year would require 12 monthly payments of £2,554.01 plus one initial interest payment of £2,183.16.

The total amount payable would be £627,421.28 made up of the loan amount plus interest of £32,831.28, an application fee of £4,387.50, a booking fee of £4,387.50, a valuation fee of £700 and a MEAF of £115.

The overall cost for comparison is 7% APRC representative.

Additional information

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

  • A valuation of the property and rental income assessment will be required to assess the security offered for the loan. We offer a choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer's Report that will give you a more comprehensive guide to the condition of the property. It is payable in advance and cannot be refunded once the valuation has taken place. If you would like a full building survey, we will give you the names of some local surveyors who you can contact to give precise instructions and negotiate price.
  • You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you. (see our Mortgages Explained booklet for valuation and home buyer fees).
  • Loan to value (LTV) is the proportion of the value or price of the property (whichever is lower) that you borrow on a mortgage. For example, a £150,000 mortgage on a house valued at £200,000 would mean a LTV of 75%.
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Contact

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01635 555777

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