The easiest way to apply for a bridging loan in the UK is to use a trusted insurance broker, who will have access to the biggest lenders in the country. They will help you find the perfect plan, based on your credit rating, how much your property is worth, whether you have a mortgage or not, and how quickly you can pay back the debt. Your broker is more likely to secure better interest rates than you would if you were to go it alone, and so you may save money, even with their fees.
A bridging loan broker will also be able to give you impartial advice on the different options available and help you get a short-term loan at the lowest cost. Once you have completed your application, you’ll typically receive a decision in just 24-hours, and you could have the funds in your bank account in less than two weeks.
Bridging loans are ideal for securing large amounts of money in a short amount of time, but they come with costly fees and the risk of losing your property if you cannot pay them back on time. Speak to your broker for professional advice before you sign on the dotted line, and only bridge the gap if you’re sure you can reach the other side.