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A bridging loan is a short-term funding solution that helps bridge the gap between buying a property and selling another.
It’s a flexible option for those needing fast access to capital in situations like auction purchases, property renovations, or chain delays.
Bridging loans in Durham are typically secured against a property and are designed to provide temporary financial relief until a long-term solution, such as a mortgage or property sale, is in place.
By choosing to work with a mortgage broker in Durham, such as ourselves, you can undoubtedly save considerable amounts of time and possibly money.
The purpose of bridging loans in Durham is to offer quick financial support for property-related needs.
This can include purchasing a new property before selling your current one, funding urgent property improvements, or securing uninhabitable properties that wouldn’t qualify for traditional mortgages.
With their flexibility, bridging loans in Durham are commonly used by homeowners, investors, and developers who need to act swiftly.
Our team of expert mortgage advisors in Durham can help identify lenders offering these flexible solutions and guide you through the process to ensure it aligns with your financial objectives.
The amount you can borrow with bridging loans in Durham depends on several factors, including the value of the property being used as security, the lender’s Loan-to-Value (LTV) ratio, and your exit strategy.
Typically, lenders offer up to 75% of the property’s value, though some may provide more for the right circumstances.
The borrowing amount can range from tens of thousands to several million pounds.
Seeking mortgage advice in Durham can help you determine how much you can borrow and ensure you secure the most competitive terms for your situation.
Bridging loans in Durham provide short-term funding, secured against a property, while you arrange a long-term financial solution such as selling a property or securing a traditional mortgage.
These loans are ideal for time-sensitive situations and are typically repaid within 6-12 months. Having a clear repayment strategy is crucial to ensuring the loan is repaid on time.
Yes, there are two main types of bridging loans in Durham: open and closed.
Open bridging loans are ideal for those without a fixed repayment date, offering more flexibility, while closed bridging loans have a set repayment date, often aligned with an imminent property sale or mortgage approval.
Each type serves different purposes, and a mortgage broker in Durham can help determine which is right for your situation.
Eligibility for bridging loans in Durham depends on factors such as your financial position, property value, and exit strategy.
Both individuals and businesses can apply, and some lenders may even work with applicants who have poor credit.
Speaking with a mortgage advisor in Durham ensures your application meets lender criteria and gives you the best chance of approval.
Yes, bridging loans in Durham are commonly used for auction purchases, where quick access to funds is essential.
Auction transactions often require completion within 28 days, and bridging loans provide the flexibility and speed needed to secure the property.
They are also suitable for properties requiring significant renovation or that wouldn’t qualify for a standard mortgage.
The costs of bridging loans in Durham include interest charges (usually calculated monthly), arrangement fees, valuation fees, and legal costs.
As these loans are short-term, interest rates are typically higher than standard mortgages.
We can help you compare deals and minimise costs by identifying lenders with competitive terms.
Interest on bridging loans in Durham can be paid in one of three ways: serviced (paid monthly), rolled-up (added to the loan balance and paid at the end of the term), or retained (deducted from the loan upfront).
Each method has its own benefits, and the best option depends on your financial circumstances and repayment plan.
One of the biggest advantages of bridging loans in Durham is their speed.
Applications can be processed and approved within days, making them ideal for time-sensitive situations like chain breaks or auction purchases.
If you’re unable to repay your bridging loan in Durham on time, lenders may impose penalties, or in severe cases, repossess the secured property.
To avoid this, it’s essential to have a clear and realistic exit strategy.
Yes, some lenders offer bridging loans in Durham to individuals with poor credit, though terms may be less favourable, and interest rates higher.
Working with a mortgage advisor in Durham can help you identify lenders that cater to your circumstances and guide you towards a suitable solution.
Bridging loans in Durham are primarily used for property-related transactions, such as purchases, renovations, and chain resolution.
However, they can also cover other significant expenses, depending on the lender’s criteria.
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5.00 Rating19 Reviews
Jenni
Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.
2 months ago
Joanne
Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...
4 months ago
Fiona
Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.
6 months ago
Katie
We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...
7 months ago
Mr Darren
An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.
9 months ago
Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
11 months ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
1 year ago
Martin
Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...
2 years ago
Kayleigh
Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!
2 years ago
Karen
Was very professional and very helpful.
3 years ago
Anonymous
We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...
3 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
4 years ago
Sarah
Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...
4 years ago
Donna
I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...
5 years ago
Sandra
Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...
5 years ago
Louis
I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.
5 years ago
Michelle
Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.
5 years ago
Mary
My mortgage broker was easy to get hold of and efficient. Overall my experience was good value for money. As a first time buyer I felt I had support throughout my purchase.
5 years ago
Daniel
We rang these guys when we had been promised a mortgage by our Bank who then changed their minds. To be honest we didn’t know whether or not we’d be able to get a mortgage but during the first call with Durham Moneyman we felt they understood...
5 years ago
Start your journey by booking a free appointment with one of our expert mortgage advisors in Durham.
We’re available at a time that suits you, offering flexible options such as phone or online consultations.
During this appointment, we’ll discuss your needs and goals to understand how bridging loans in Durham can help you.
After your appointment, we’ll conduct a full assessment of your financial situation, including your affordability and exit strategy.
This process helps determine how much you can borrow and ensures your application meets lender requirements.
If appropriate, we’ll secure an Agreement in Principle to provide confidence when moving forward with property purchases or financial arrangements.
We use our extensive panel of lenders to find the best bridging loan options tailored to your circumstances.
Whether you’re purchasing at auction, funding renovations, or covering a property chain gap, our mortgage brokers in Durham will match you with a competitive and flexible loan solution.
Once you’re satisfied with the recommended loan, we’ll handle the application process, ensuring all necessary documents, valuations, and checks are completed efficiently.
Our team will liaise with lenders and other relevant parties, keeping you updated throughout.
We understand the unique challenges and opportunities of the property market in Durham.
Our tailored approach ensures your bridging loan meets your specific needs, whether for auction purchases, chain breaks, or property renovations.
We offer a free mortgage appointment to help you get started without any upfront costs.
During this session, our experienced mortgage advisors in Durham will assess your situation, explain your options, and guide you towards the best bridging loan solution for your goals.
As a trusted mortgage broker in Durham, we have access to a diverse panel of lenders, including those specialising in competitive bridging loan products.
This allows us to secure the most suitable terms for your circumstances, no matter how complex your case may be.
We know how crucial timing can be when arranging bridging loans in Durham.
Our streamlined application process and dedicated support team ensure you receive fast approvals, with all paperwork and communications handled efficiently on your behalf.
Having a clear and realistic exit strategy is essential when applying for bridging loans in Durham.
Lenders will want to know how you plan to repay the loan, whether through selling a property, refinancing with a mortgage, or another financial arrangement.
Your exit strategy must be well-thought-out and achievable to secure approval.
Bridging loans in Durham come with higher costs than traditional mortgages, reflecting their short-term nature.
Key expenses include monthly interest payments, arrangement fees, valuation charges, and legal costs.
It’s important to calculate the total cost of borrowing to ensure the loan fits your financial plan.
The amount you can borrow depends on the value of the property being used as security and the lender’s LTV ratio, which typically ranges from 60-75%.
Properties requiring significant renovation or those deemed uninhabitable may require specialist lenders.
Assessing your property’s condition and value is a crucial part of the application process.
One of the main advantages of bridging loans in Durham is their quick approval process.
Funds can be released in a matter of days, making them ideal for auction purchases, chain breaks, or urgent renovations.
To ensure a smooth process, you’ll need to have all necessary documents, valuations, and plans prepared.
Bridging loans offer various ways to pay interest, including serviced (monthly payments), rolled-up (added to the loan balance), or retained (deducted upfront).
The best option for you will depend on your financial situation and repayment timeline.
Before committing to a bridging loan, it’s worth exploring other options, such as remortgaging, personal loans, or equity release.
These alternatives might provide a more cost-effective or longer-term solution depending on your financial goals.
If you’re unable to repay your bridging loan on time, lenders may impose penalties or, in severe cases, repossess the property used as security.
Having a robust plan in place, as well as contingency options, is vital to avoid financial strain.
Fluctuations in the local property market can affect the value of your property and the feasibility of your exit strategy.
Working with a mortgage advisor in Durham who understands the area can help you make informed decisions and minimise risk.
Bridging loans in Durham may fall into regulated or unregulated categories.
Regulated loans, often used for residential purposes, adhere to stricter rules, while unregulated loans are generally for commercial or investment purposes.
Understanding which type applies to your situation is essential.
Navigating the complexities of bridging loans in Durham can be challenging without the right support.
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Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Durhammoneyman 2025.
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Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Durhammoneyman 2025.
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