Choosing between Bridging Loans
Consider what you can afford to repay per month on the amount you need to borrow and check the best rates different lenders are offering on bridging loans to see which lenders fit your budget - and over what period. Bridging loans are cheapest if you can repay them in full once your project's main financing kicks in, this means trying to confirm (as far as possible) your longer term cash flow prior to taking one out so as to minimise the length of time you need to borrow.
Remember, the short term nature of bridging loans means that set up fees - potentially running into £1,000s - can have an impact on the cost of the loan comparable to the actual interest rate. This means that when you are looking at the overall cost of the loan you should consider the cost of the set up fees as these may determine which bridging loans actually are the cheapest for you.
Bridging Loan Advice that you can trust!
We aim to give you the confidence that you are dealing with a firm that you can trust from the initial consultation, right through to completion of your loan. As a fully Financial Conduct Authority (FCA) approved and accredited firm, you know that the loan advice you receive from Lothian Mortgage Services is impartial and in your best interests.
We are directly responsible to the FCA and do not work for a network of companies with a vested interest in selling you a particular loan. We are independent of finance houses and banks, and happy to provide home consultations throughout Edinburgh, Bathgate, Livingston, Glasgow and Central Scotland.
Call Lothian Mortgage Services today on 0131 212 5006 or CONTACT US using the enquiry form.