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  • Mortgages & Finance

    Bridging Loans

    Bridging Loan; a Yes or a No-No?

    please advice

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    tricky question to answer - what for ? is it to buy a renovation then sell, or convert into a let on BTL loan ?

    its it mortgageable now on BTL basis - ie kitchen / bathroom serviceable etc ?

    there are lenders who will support light renovation - ie buy it for 70, spend 15k on it then revalue for 90k and end up with 75% LTV on end val.

    or bridge loan for a few months in order to do work, then refinance onto BTL.

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    Not enough information provided to give you an answer I am afraid.

    There will always be instances where Bridging works but that doesn't mean that everybody will go for it. Its a personal decision based on so many variables.

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    Mr Mark Alefounder

    Mortgage & Protection Broker

    Optimum Independent Financial Advisers

    Mobile 07716 647 928

    Tel: 01206 366700

    http://www.optimum-ifa.co.uk

    The financial regulator, the ‘Financial Conduct Authority’ designates that there are two different types of financial advisers, ‘independent’ and ‘restricted’. The status of an adviser firm will affect the type of advice that is given. A restricted adviser firm can only recommend certain products or product providers, whereas an independent adviser firm, such as Optimum, is able to consider and recommend all types of retail investment products and/or providers that could best meet clients needs and objectives. Optimum Independent Financial Advisers offers genuine unbiased and unrestricted advice.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    Optimum Independent Financial Advisers is authorised and regulated by the Financial Conduct Authority

    Financial Services Register Firm Reference Number (FRN): 223293

    © Copyright 2017 Optimum Independent Financial Advisers. All Rights Reserved

    Hi Stella

    As per our conversations and emails throughout this week, bridging finance (and this also applies to mortgages, secured and unsecured loans, credit card funding, P2P etc etc) is 'right' for 'right situations' and not right for others.

    It's all down to your own personal situation, including the 'need for speed' and the exit strategies, as well as many other factors too.

    So, there is no specific answer the generic question, it all boils down to the actual circumstances on the day of enquiry.

    By the way, the Terms are on their way to you for your approval!  :-)



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