Bridging Finance & Loans Interest Rates and Fees on a Bridging Loan.

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What are the costs of getting a bridging loan?

 

When looking at obtaining a bridging loan, it is very important to consider the true cost to you before going ahead – don’t just assume the interest on the loan is all there is to pay, Bridging Loans & finance come with additional costs.

 

Bridging Loans Interest & Fees Explained


There are a huge number of bridging finance brokers, and really it is with them you need to go. It is rare to deal directly with the end bank purely because the complexity of the paperwork involved is almost always easier to pass on to a broker who is usually paid by the lenders.

Brokers have to be paid too – and they come in two types; those who charge a fee to you, and those who waive that fee by taking commission from the loan provider. Make sure you know whether you are going to have to pay a broker fee before going ahead with anything.  whilst a lot of brokers will charge a broker fee we do not charge any fees for our service. it is important that you have access to all of the terms for your loan.


What fees can I expect to pay?

Two portions of your fees will always need to be paid upfront – those are your valuation fee and your legal fees (which will include the other party’s legal fees). Expect the valuation fee to be somewhere around £500, and the legal fees between £1,000 and £2,000 although the rates for these two items will vary according to the amount of the loan.


The next part is the arrangement fee, currently a standard 2% for 90% of providers. Unlike the legal and valuation fees, the arrangement fee is tagged on to the value of the loan and paid at the end of the term rather than upfront.


There are also potential additional fees that can vary a lot depending on your broker and lender. These can include administration fees, transfer fees, and other similarly-worded transactions. They are often individually very small amounts (£25 here, and £50 there) but can add up and it is not unusual to find £1000 of additional fees appearing at the end of your term. Check with your broker the exact expectations regarding additional fees before signing a broker will also be able to inform you who would be likely to be accepted for a loan.


What should I expect to pay in bridging loan interest rates?

As bridging finance is a short-term loan, the interest rates are prepared monthly. This can lead to some confusion for some who are used to dealing with personal loans and similar products that are listed with an APR rate.


A strong bridging loan interest rate is one as low as 0.5% per month. These are extremely hard to find, and you are more likely to be looking at rates from 0.65% and greater. Remember, with the value of the loan involved, the difference in as much as 0.05% per month can have a significant impact – on a £250,000 loan, that 0.05% per month can add up to almost £1,500 in a year!


Bridging Interest Rates & Fees Conclusion


Make sure you discuss all the fees, interest rates and payment requirements with your broker prior to closing the deal – and don’t just take the first offer you get. Remember, it’s a competitive market and shopping around can save you thousands of pounds over the year – well worth a day or two of your time also if you have any intention for you or any of your immediate family to live in the property then you will need to deal with a fully regulated broker, Easy Bridging are fully regulated to deal with such loans.

 

 

Easy Bridging Loans can arrange your loan with ease and will guide you through both the choice of loan and all of the processes that are associated with taking a bridging loan, because we specialise in this type of finance and nothing else, we will always have the answers to any problems that could be encountered along the way.

 

Get in touch now to discuss your requirement as professionals in this field and know the industry inside out, call us today or complete our online form to get things started.

 
 

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