As with most finance plans, you can choose to have a fixed interest rate or a variable interest rate on your bridging loan.
With a fixed-rate plan, the interest rate is fixed for the duration of your bridging loan, and your monthly repayments remain the same throughout the term. This option offers stability and peace of mind, although you may end up paying more interest than you would with a variable rate.
With a variable rate bridging loan, your lender will set a variable rate, which could go up or down depending on the base rate set by the Bank of England. With this option, you could save money if interest rates move in your favour, but there are no guarantees, and there is more risk involved.