Prior to the year 2000, Woolwich was a popular and successful name on the UK banking scene. Subsequently taken over by Barclays, all customers of Woolwich summarily became customers of Barclays Bank. The good news being that for former customers of Woolwich, this meant gaining access to a significantly larger portfolio of products and services.
Bridging loans, however, weren’t included. And nor are they today – Barclays and most mainstream lenders offer comparatively few short-term products for more major investments. Personal loans are great for most everyday requirements, but there are instances where bridging loans can be worth their weight in gold.
Bridging Loans Vs Personal Loans
For example, bridging loans are typically available in sums from £25,000 to £25,000,000. By contrast, you’d be unlikely to find an unsecured personal loan available for more than around £20,000. If the purchase is a relatively major in nature, personal loans from Woolwich just don’t make the grade.
In terms of eligibility, personal loans can also be more difficult to qualify for. The reason is that with an unsecured loan, it’s a case of proving your viability by way of a spotless credit history. Any blemishes on your record and you can forget about it. But as bridging loans are secured loans, credit checks are usually out of the equation. Just as long as you can provide the necessary collateral, that’s usually all that matters.
Perhaps most importantly of all, applying for a bridging loan and receiving it can be done within a matter of days. This contrasts sharply with most conventional loan products, which often take much longer to organise. Particularly if you need to borrow a larger sum, you could be looking at weeks before gaining access to the cash.
Compare the Market
Whatever product and lender suit your requirements best, we’ll scour the market to find them. UK Property Finance works with leading lenders like Woolwich, along with dozens of bridging loans specialists up and down the country.
To discuss the available options in more detail, we’d be happy to provide you with an obligation-free consultation. Contact a member of the team at UK Property Finance today.