If you think that bridging loans are available on most High Street banks these days, think again. Since the credit crunch, mainstream UK lenders such as Yorkshire bank have shied away from offering short-term financial products like bridging loans. They’ve opted to retain conventional business and personal services, instead.
However, the demand for bridging loans is at an all-time high, and brokers like us are helping people and businesses fill the gap on their finances by connecting them with lenders that offer bridging loans.
Bridging loans demand has surged since 2010, and its continuing growth is propelled by relaxed underwriting criteria, quick payouts, and flexible repayment terms. Still, as with any mortgage, you need to protect yourself by securing the best bridging loan deal possible.
Disadvantages of Yorkshire Bank Bridging Loan
Yorkshire isn’t one of the mainstream bank choices for securing a bridging loan. Yet in general, are High Street banks like Yorkshire Bank, Halifax or Santander really the ideal route to get short term loans these days?
Certainly, it’s not in our place to suggest against going to banks directly for getting alternative financing. Yet banks’ underwriting requirements, complicated processes, and lengthy applications are the biggest stumbling blocks for people who are in immediate need of loans.
When you need solutions to pressing money problems, financing property purchases or funding home improvements, you need urgent solutions.
We recommend that you hurry the process along by letting a UK-based expert broker like The Bridging Loan Company assist you.
Our brokerage firm assures an inclusive environment to welcome clients as well as whole-of-market access that allows us to choose from the widest pool of lenders to match with your unique financial scenarios, including for complex commercial bridging finance applications.
Most importantly, we operate under regulations laid out by The Financial Conduct Authority as well as the Data Privacy Act.
Advantages of Yorkshire Bank Bridging Loan
Be smart about your bridge loan
Whether you apply for bridge finance through us or a mainstream bank, it’s important to be smart and strategic about it. If planned carefully, you could get the best bridging loan deal with several advantages.
First, don’t borrow more than you can chew. Set the loan amount exactly to what you need so you won’t be burdened by large borrowing costs after.
The higher value of your loan amount, the more burdensome the overall borrowing costs will be.
Also, think about the repayments terms more carefully. The rule of thumb is: the shorter the period for repayments, the better.
Second, read the fine print. Some lenders charge loans with hidden charges attached – including setup fees, settlement fees, administration fees – so pay attention.
Lastly, work with a bridge finance specialist that has your best interests at heart. Seek someone genuinely interested in getting you the best deal and of course, knows where to look for them.
We at The Bridging Loan Company are privileged to partner with more than 200 lenders, so we have you covered whatever your circumstances.
Why go for a bridge loan?
Quick and painless user experience
Sheer convenience is the best reason why bridging loans are a good idea. Bridging finance brokers can give you an indicative quote within 2 hours and arrange for a loan payout in 24 hours to just a couple of days. This speed is practically impossible when dealing with traditional mortgage lenders.
Relaxed loan application rules
What turns away borrowers from traditional banks is that they’re stringent with respect to the purpose of your bridging mortgage application. A bridge loan does not discriminate; you can apply for a bridge loan no questions asked.
The only thing you need to prove is security to ensure that you can repay the loan. If it’s a development loan you are looking for, the lender may require previous development experience but if the security is enough then it’s not too big of an issue.
Repayments are flexible
Mainstream banks have strict schedules to guide the repayments of your loan. Meanwhile, bridging lenders are lax in this regard.
Lenient lending criteria
People usually worry about credit cards or credit ratings checked when applying for loans with banks. With bridging finance, credit history is inconsequential.
Generally, bridging loans only require that you secure the loan against property or multiple properties of commensurate value, such as your home or any property asset. As a result, proof of income, credit score, existing financial status don’t have a bearing in your bridging finance approval.
Low fees, bridging loan rates
Considered in totality, bridging loans are more affordable and less burdensome than a conventional mortgage. Consider that it’s a short-term loan, borrowers won’t have to be anxious over monthly or annual interest rates.
Should I Contact Yorkshire Bank for Bridging Finance?
We’re not going to discourage you from approaching Yorkshire Bank or any mainstream lender to get bridging finance. However, like we pointed out earlier, Yorkshire Bank bridging is no longer offered as a financial product.
As an alternative, we recommend seeking out the services of an expert broker to resolve your loan needs.
How Can You Help Beyond Yorkshire Bank?
Therefore, if you’re satisfied with the benefits bridging finance can give you, the next step is to consult with a master broker such as The Bridging Loan Company.
Take the saying “Only fools rush in” to heart. Do your due diligence by getting an independent broker to guide you on getting the best deal.
We have 28 expert advisors and access to 200 plus partner lenders. This places us in a unique position to recommend you the best bridging finance deals and bridging loan rates.
Furthermore, our track record range from straightforward to the most complex loan cases. If we can’t source a lender for you, it’s likely that no broker can.
Use our Calculator to Compare to Yorkshire Bank
Do you want to compare our rates against Yorkshire Bank? Use our bridging loan calculator to know what we offer versus Yorkshire Bank and other large banks and lenders that we work with.
Just fill out the required information (loan amount, property value) and the calculator will calculate interest rates, and monthly payments, as well, as your final exit fees payable when you complete your loan.
Expect a call from us 3 months prior to the completion of your bridging finance to put an exit strategy together.
How Do I Get a Bridging Finance Loan?
Here at The Bridging Loan Company, we’re in close partnership with the top bridging loan brokers in the UK.
Our life’s work is dedicated to curating the best bridging loan deal possible for you from our large network of lenders.
We’re committed to ensuring dedicated support even if you’re not 100% certain of getting a bridging loan.
However, if you do decide to go for one, we ensure that we come up with the most suitable deal – sourced from Yorkshire Bank to alternative lenders – to match your needs.
For more information, contact us here or call 0808 301 9509.