One of the oldest banks in the world, The Royal Bank of Scotland (RBS) has been in business for more than three centuries. Proudly working with millions of consumers and businesses across the UK and beyond, RBS offers a dynamic range of financial products to suit most purposes.
Unfortunately, bridging loans are not currently available from RBS. Most commonly used for purchasing properties when time is a factor, bridging loans are a world away from conventional mortgages. Prompt pay-outs, simplified applications, compact repayment periods – ideal for those looking to wrap things up as quickly as possible.
RBS may be unable to provide you with a bridging loan, but bring your business to UK Property Finance and we’ll pinpoint the perfect product for your needs!
Bridging Loan Interest Rates
The interest rates attached to bridging loans are often misinterpreted. Despite appearing slightly higher than those of a traditional loan product, overall borrowing costs can actually be significantly lower. It’s important to remember that when a loan is designed to be repaid over a much shorter period, it’s inevitable that the monthly interest rate will be a little higher. Otherwise, the lender wouldn’t gain enough by offering the loan to cover its own expenses.
Pound for pound, a bridging loan can be one of the most affordable options on the table for property investors and developers. Particularly where time is an issue, a bridging loan can be no less than a lifeline.
Bridging Loan Applications
In terms of qualification, it’s surprisingly easy to qualify for a bridging loan. For the most part, it’s simply a case of ensuring you have the necessary collateral to secure the loan. If so, your >bridging loan application is almost guaranteed to be accepted.
To keep borrowing costs to absolute minimums, you could consider putting up slightly more collateral than the bare minimum. In addition, the lender you choose to work with will have a marked impact on the affordability or otherwise of the loan. Comparing all available options comes highly recommended – precisely where we come into the equation.
From RBS to Santander to the UK’s smallest independent lenders, we’ll consider all options to set you up with an unbeatable deal. Whether you’re ready to go ahead or simply considering a bridging loan, contact the team at UK Property Finance for an obligation-free consultation.