Bridging Finance to Purchase Property Overseas
Whatever the economic climate, emerging markets abroad are the ideal place to buy a bargain property. Bridging Finance secured on assets in the UK can be used to quickly purchase that perfect property in the sun. Bridging loans can be used to supply the deposit, balance or even the full purchase price of the property and can be repaid using a more traditional form of finance.
For example: – You may have paid a large deposit for the purchase of a property abroad and you may now be having difficulties raising the balance to complete the purchase. You do not have time to arrange a mortgage for the purchase property and don’t wish to be tied in to a mortgage on your UK property as an endowment policy is shortly maturing which would provide you with the required funds to immediately repay any new borrowings. We could arrange a bridging loan secured on your UK property for a few months covering the time between the required purchase date and maturity of the endowment. At this time the bridge can be repaid.
The Benefits of Bridging Finance
- Speed – Finance can be secured quickly, usually within 7 to 14 days, sometimes quicker if speed is essential.
- Flexible Term – The duration of the loan is often more flexible, usually from 1 to 12 months to fit the borrowers financing requirements more closely.
- Extended Borrowing Limits – Borrowing limits can sometimes be extended; lenders will consider up to 85% funding basing their loan to value criteria on open market asset value rather than purchase price. If a higher loan to value amount is required the borrower may be able to offer additional security.
- Flexible Interest Payments – Flexible interest payments; with agreement at the outset borrowers may be able to roll interest up to the lenders maximum loan to value, paying it off in a single tranche on completion of the project.
Ascot Mortgages are an Independent “Whole of Market” UK Mortgage Broker. We are dedicated to providing the very best financial advice and the highest standards in customer service.
Please contact Ascot today, and you will be very glad you did.