What is the criteria for a bridging loan?

Personal income is not taken into consideration by the lender. What you will need to do is have a good exit strategy. This means that you can prove that you will, without a doubt, be able to gain access to your funds. You will also need to be over 18 and living in the UK. Please note that this loan will be secured against one of your assets, usually a property. Should you fail to repay your debt, this can be repossessed.

How quick can you get a bridging loan?

You can quickly obtain a bridging loan because it is often used to bridge the gap between buying a new property before selling a property, or refinancing post completion. We can help speed up the process to provide independent legal advice quickly via video conference.

What is the cost of bridging loan?

The costs of bridging loans include: Bridging Loan Broker - your broker will charge an admin fee for finding you the best bridging loan for your circumstances. Bridging Lenders Fee - some bridging lenders charge a product fee. You may be able to add this cost to your loan. Bridging Finance Conveyancing Solicitor - you need a solicitor to handle the standard conveyancing work for your purchase. Costs start from £899 INC VAT. Get a Bridging Finance Conveyancing Quote here. Independent Legal Advice - you need a solicitor to provide independent legal advice as to the consequences of taking out the loan. Costs range from £360 to £599 INC VAT.

Can you get cheap bridging loans?

You should shop around to compare the rates and terms of a variety of bridging lenders.

When do you repay the Bridging Loan?

Bridging loans are normally repaid quickly, after the completion of a bridging loans for house purchase.

Bridging Loan ILA | Parachute Law

What is a bridging loan?

This loan is a short-term financing solution for instances when you don’t have immediate access to funds, by allowing you to bridge the gap until you can gain access to your funds. As long as you meet the lender's requirements, you can borrow the amount you need.

The Bridging Finance company requires that you seek bridging loan ila regarding the terms of the loan, as the rates are less favourable than other lenders and you risk not being able to sell your other property to repay the loan.

Book your Bridging Loan ILA meeting today

Our solicitor is available from 18/11/2024* and we offer Bridging Loan ILA for all mortgage lenders**.

Our Fixed Fee is £360 INC VAT for the first borrower and £180 INC VAT for each additional borrower. Short on time? We can expedite your appointment for no extra charge and use Recorded Delivery to send your certificate***.

We have acted for clients getting a bridging loan from Halifax Bank Plc, Together Commercial Finance, Barclays Bank plc and Natwest. You will still need a bridging finance conveyancing solicitor to handle the purchase work for you on the transfer from the seller.

How do you instruct us?

1

Complete form above (1) provide your details, (2) attach your ID, (3) attach bridging finance offer and terms, (4) attach Guarantee/Indemnity/Certificate of Legal Advice, (5) pay using PayPal, debit or credit card, (6) book a time that suits using our online calendar - normally within 2 working days

2

Meeting Your meeting is via video conference and our solicitor advises you of the risks of signing the bridging finance agreement. Our solicitor records you signing the document.

3

Send to us You send to us your signed certificate where our solicitor signs and sends to your conveyancing solicitor or back to you.

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Does your Lender accept ILA by video conference?

Some mortgage lenders will not accept independent legal advice provided by video conference. It is your responsibility to check that they will accept a signature which has been witnessed by video conference. If your certificate is refused by your mortgage lender because your independent legal advice was conducted by video conference, Parachute Law reserves the right to withhold any refund of our fees.

Which lenders can we NOT help with?

Canada Life
Foundation Home Loans
More2Life
Together Money
Together Commercial Finance Limited

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Bridging Loan ILA

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