Testimonials

Hear what our clients are saying!

J. H-B.

I have used Sharon Harvey at Seafield Mortgages since my first property purchase in 2003. Whether you’re a first-time buyer, an existing homeowner, looking to re-mortgage, or a property investor, Sharon will go out of her way to find the right mortgage deal for you and save you £100’s each month. In a market where it has become increasingly difficult to borrow, knowing which lender and deal are right for you can be daunting. Sharon is well qualified, clear, practical, highly knowledgeable and able to deal with both the most simple and complex situations. Sharon goes the extra mile with her dedication and impeccable customer service. 

"Our key aims are to fully understand what you are looking to achieve, create a solution tailored to your needs, deliver results through an excellent service and build a relationship for life".

"We have access to a wide range of mortgage and insurance providers to ensure we can find you a competitive financial solution, which meets your needs and your budget".

"We specialise in providing advice and guidance on Mortgage and insurance products but I can also put you in touch with trusted partners for help with Pensions, Investments and Wills".

Bridging Finance

Think carefully about securing other debts against your home.

Your property may be repossessed if you do not keep up repayments on your mortgage

Although bridging finance is commonly used for buying and renovating property, it can also be used by business owners for a range of other purposes. 

Bridging loans aren’t as niche as they used to be and business owners consider them when they require a quick cash injection. 

As with any loan, eligibility criteria applies and you’ll need to present a business plan and exit strategy when you apply for one.

Who would benefit from bridging finance?

Someone who needs to complete on a new property purchase, but has not sold their property.

"We have access to a wide range of mortgage and insurance providers to ensure we can find you a competitive financial solution, which meets your needs and your budget".

Where a property in its current state is unmortgageable.

Taking a bridging loan to complete work, such as a kitchen or a structural defect, to allow the property to be mortgagable in the normal mortgage market. 

Bridging Finance Questions

What is meant by Bridging Finance?

Is bridging finance a good idea?

Although bridging finance is commonly used for buying and renovating property, it can also be used by business owners for a range of other purposes. Bridging loans aren’t as niche as they used to be and business owners consider them when they require a quick cash injection. As with any loan, eligibility criteria applies and you’ll need to present a business plan and exit strategy when you apply for one.

Bridging loans are most definitely a short term option used to facilitate something else happening. They are mainly used to raise short term capital quickly when it is not available through conventional borrowing.

Bridging is not the cheapest method of borrowing so people thinking of bridging should have something to gain by doing so. If buying something to make a profit, bridging can be a good option but remember to factor in the cost of funds in to your profit figures.

Someone buying at Auction. 

Often buying houses from Auction require you to exchange and complete within a month, and it may need work to get in mortgageable state.

​

Buy-to-let

A property that the owner has bought in order to rent out to tenants.

Completion

The finalised sale and purchase of a property and at which point you become the owner.

County Court Judgment (CCJ)

A court order made against a person who has failed to pay a debt.

Decision in principle

An application likely to be accepted given the information received. It is not legally binding and may change when further information is disclosed.

Exit strategy

In this context, the plan and approach to repaying the loan i.e. the capital at the end of the term. For example by sale or remortgage of the property which is given as security.

Fixed rate

A rate of interest which remains fixed for the entire period of the loan.

First charge

A charge in a first lien position on a property. A first charge generally has priority over all other liens or claims on a property in the event of default.

Intermediary

A broker or advisor who locates the most appropriate funds for a borrower, and makes the arrangements on the borrower's behalf.

Loan to Value (LTV)

The ratio of how much is borrowed compared to the value of the property. For a home worth £1,000,000, a £900,000 loan would be expressed as £900,000/£1,000,000 or 90% LTV.

New build  

Newly built properties. These can be either single homes or entire estates.

No bathroom no kitchen

A property in which there is no bathroom or kitchen. Usually such properties are   not eligible for high street mortgages but can be financed via bridging / short term-finance.

Retained monthly payments

To assist in meeting monthly interest payments, an amount can be retained from the loan representing a number of monthly interest payments. The retained interest is still part of the capital sum of the loan so interest will be charged on this amount.

Splitting title / title splitting

A legal process which involves in the case of registered land generally creating two title numbers. For example: A house and its surrounding land may be on one title number – splitting the title would involve putting the house on one title number and the land on another title number.

Self-build

A property built by its owner to live in.

Second charge

Similar to but ranking behind a first charge. Typically, it secures a second loan to any remaining value in the property after the first charge. For example: if a £100,000 home has a £50,000 first charge, a second charge may be secured against some of the remaining £50,000.

Staged facilities

A loan facility that allows a borrower to use the money at different times, as and when funds are required. For example in the case of a borrower building a property – the funds will be required at the various stages of the build.

Term

The period of time over which you take the loan.

Title deeds

A property's legal documents which show proof of ownership.

Valuation

A check of the property to assess its worth and suitability for lending.

Variable rate

An interest rate on a loan which fluctuates over time.

Valuation fee

The fee for the person or body which assesses the value of a property.

Bridging Finance Glossary

Bridging Finance Questions

Is Bridging Finance risky?

How long does it take to arrange Bridging Finance?

There are risks to taking out Bridging Finance.

The interest is capitalised monthly on the home loan, so the longer it takes for you to sell the property, the more in interest you'll pay. 

You may end up selling your property for less than you expected, which will leave you with a higher home loan balance than you initially planned.

Depending on various factors, a bridging loan can take anything from 72 hours to a couple of weeks to complete.

Get in Touch

Feel free to send us a message using the contact form below.

1 + 1 = 

      By submitting this data, I am consenting to the use of my data in line with our Privacy Policy

By submitting this information you have given your agreement to receive verbal contact from me to discuss your mortgage requirements. You voluntarily choose to provide personal details to me via this website. Personal information will be treated as confidential by me and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

Head Office: Bournemouth

Other locations:

London

Add the 2 numbers below, enter the total in the box then click submit.