What are the Advantages of Getting Second Charge Bridging Loans?

1. What are the Advantages of Getting Second Charge Bridging Loans

2. Are you planning a property redevelopment project? Want to get on with the business expansion plan which has been long overdue? But are all your plans getting stalled due to finance depletion by regular mortgage payments? Then second charge bridging loans is just the option for you. You can get in touch with a reliable and well-reputed property finance company and get the funds that you need to commence your project. It is easy to acquire, easy to pay and comes with short-term flexible options to suffice your financial needs. The Concept of Second Charge Bridging Loans The second charge bridging loans refer to a short-term lending solution that one can secure alongside a property with an outstanding mortgage. It is usually acquired to raise funds for an extension or renovation work of the property. Since your primary mortgage is yet to be repaid, you will be able to save significantly by not paying the initial repayment fees. With the completion of the project, the refinance on a secured loan will become easy, and thus the debt will move to lower interest rates.

3. Advantages of Second Charge Bridging Loans  • There are considerable advantages of securing the second charge bridging loan, such as: • The second charge bridging loan allows you to keep the older mortgage rate, as no changes are made to the pre-existing terms and conditions. • A second charge on loan brings more flexibility to the terms of repayment, saving a significant amount in interest. • In case you have to pay a significant sum as the penalty for switching or stopping the present fixed-rate mortgage, then a second charge loan can come as a lesser rate. It is because the older mortgage remains in place and no penalty is charged. • Over the years, the rules of the mortgage have become more stringent, making it more difficult to secure and repay one. Contrary to that, the lender or finance companies, which provide borrowers with the second charge bridging loans offer customized solutions to fulfil the needs of the borrower. • Owing to the less stringency second charge loans can be of great help to people with a complicated financial history or the self-employed ones. • It usually takes months for the traditional loan providers like banks to process the loans but a finance company offering the second charge and bridging loans can help the borrower with fast funding solutions.

4. When it comes to the amount that one can borrow under the second charge bridging loans, it varies from one finance company to another. Usually, the loan margin ranges from £20,000 – £1 Billion. Factors like the affordability of the amount taken as loan along with the available equity are also considered at times. On a concluding note, if you are strung out on property development budget due to an outstanding mortgage, then second charge bridging loans are viable financing options to opt for you. In case you are looking for a reputed finance company then the Property Finance Partnersin the UK are the leading specialists in bridging loans, with a recognized track record of offering the best rates across Europe.

5. 020 3393 9277 https://www.propertyfinancepartners.com/ info@propertyfinancepartners.com 27 Old Gloucester Street, London WC1N 3AX, United Kingdom Property Finance Partners