Pensioner Bridging Loans
A bridging loan is a loan borrowed against one’s property to solve short term financial requirements. This type of loan is very beneficial to a retired person/pensioner/senior citizen who has a lot of equity in their property but not readily available cash. Acquiring a bridging loan will allow time for the purchase, the move and sale without stress.
When would you need a bridging loan:
- One could be looking to purchase another property but has cash tied up in the current property
- Chain break in property sale.
- Temporarily to pay care home fees or any other fees and
- Quick cash release for various reasons until property sells
You don’t want to lose the property you have found. You get a short-term bridging loan which could be secured against your current property or both, the current and the new property depending on the level of equity available. The loan could also be secured against any other residential properties you may own.
The funds are given to you for up to 12 months but there are no tie in periods or any exit penalties. So as soon as the property sells you can repay the loan in full without incurring any penalties and repay the loan in full.
Key Features of Our Bridging Loans
- Can be on 1st charge and 2nd charge basis (Second charge is a charge on the property in favour of a lender. The first charge is usually your mortgage lender. In the event of the property selling, the first charge lender will get their share first and the remaining balance to the second charge lender and so on).
- You can borrow from 10,000 upwards
- We have lenders on our panel who have no upper age limit
- No tie in period or exit fees
- No monthly payments a s interest is compounded or rolled over
Please look at our bridging loan calculator to see what the rates are and how much it would cost you. Alternatively, please call one of our bridging loan specialists on 01164645544 who will take your details and provide you with a non-obligatory quote.
As everyone’s individual circumstances vary, it is very important that the decision to borrow any finance is made after careful consideration. Please note that your property can be at risk of getting repossessed if the loan is not repaid with the agreed time frame.