How does it work?
- You have one valuation carried out to give you a today figure and a GDV.
- You receive two mortgage offers – for the bridge and the term.
- You have the offer for the term before you start.
For the bridge:
You can borrow 75% LTV to purchase the property
They allow a light refurbishment, including a change of use to an HMO
You have 6 months to move to the term mortgage
For the mortgage:
You can borrow 75% of the GDV figure.
The fees are reduced across both products.
There are very little legal fees to move from bridge to term and it is quick!
What are the benefits?
- It keeps the costs down of bridging – arrangement fees, legal fees, and valuation fees are reduced
- It offers certainty over the exit.
- The process to move from bridge to term is quick and simple.
