Bridging Loan Calculator
Net Loan (£) :
|Valuation fees:||£300 min|
|Lender's admin fee:||£350|
|Lender's legal costs:||£850|
|Telegraphic transfer fee:||£35|
|Redemption admin fee:||£100|
A bridging finance calculator has a number of uses, and by inputting your data correctly, you will be able to see exactly what you can afford to borrow, and what your repayments will be. This way, you know immediately whether a bridging loan is going to be something that will help you out financially or cause you problems with repayments (and whether you will be able to borrow enough to do what you need to do).
One of the reasons you might need a bridging loan, for example, is if your chain breaks down during a house sale. Imagine if you have found your dream home, and it is everything you want, in your budget. Your home is under offer, you put an offer in and it is accepted. But then the unthinkable happens, and for whatever reason your buyer pulls out.
In this scenario, you could easily lose the house you want to buy. A broken chain isn’t quickly mended. However, if you can obtain a bridging loan, all is not lost. Even though you might not be able to complete the chain without a buyer for your property, the chain can be fixed with a bridging loan.
This short term loan ensures that you can buy the property you want as a cash buyer, and then repay the loan when your old house sells. You can then take complete control of the situation, get the house that you want, and not have to worry about paying two mortgages, or even the loan itself until the end of the term, by which time you will have sold your property.
You will need to use a bridging finance calculator to make sure that all the figures add up, but if they do, and it means you can still buy that ideal house, it is certainly worth considering.
Get the Real Facts
We encourage our clients to do their own research and be informed. In fact, we think it is a good idea to spend a minute or two with a bridging finance calculator so you are prepared for the general figures that might be involved with a particular transaction. However, if you need a bridge loan or short-term funding that is accurate and efficient, then please contact us and let us help you obtain accurate information that will actually accomplish your goals.
Every real estate transaction involves serious financial consequences and it is crucial you deal with a finance provider that can deliver the real facts.