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A Bridging Loan – How Does It Work?

If you are planning to sell your old home and buy a new one, which should you do first? If you decide to sell your current home first, then you’ll be under pressure to find a new home quickly, and you may have to settle for a less desirable home. You may also be required to move into temporary accommodation. 

On the other hand, if you decide to buy a new home first, you’ll end up scrambling to sell your current home, especially if you want to sell your home for the best price in order to make a down payment on your new home.

However, you can get a bridging loan from a bridging lender for the period between when you close for your new home and when you get funds after selling your old home, to bridge the gap. You can use your old home to get bridging finance on your existing home and use the finances towards a down payment and closing costs on your new home. You’ll be able to repay the bridging loan once you sell your old home.

A bridging loan mortgage takes away the hassle of owning two homes at the same time. It means you avoid falling into the trap of paying two mortgages, and many lenders are very reluctant to offer a second mortgage to someone who is still selling their old home.

What Is A Bridging Loan?

Also referred to as gap financing, bridging finance, short term finance, swing loan, a bridging mortgage, or interim financing, a bridging loan is a temporary loan, which allows you to dip into your current home’s equity to help you fund your new home’s down payment. Your existing home serves as the collateral, and you can buy a new home without waiting to sell your current home. There are many types of bridging finance to suit different situations. 

With a bridging loan, you won’t have to miss out on finding your dream home because you will use your equity in your current home to secure a new home. The temporary bridge loan will allow you enough time to put your old home in the market, undertake the needed maintenance and repairs to prepare your current home to sell, or simply, you can move into your new home and still have enough time to sell your existing home.

Using a bridging loan for a house purchase will help you avoid making sale-contingent offers on a new home. With the temporary loan, you’ll have enough equity from your existing home’s equity to submit an acceptable offer without relying on the sale of your old home. This will make your bid more appealing to home sellers.

By making a home sale contingent offer, you’ll be telling a home seller that you’re interested in purchasing their house only if your home sells within a certain period. This means that if your home doesn’t sell within that period, the contract will be cancelled. Because of the uncertainties of the home sale timeline, sellers will be uneasily waiting for your home to close or cancel the contract. Therefore, they may not enter into such an agreement.

In the current housing market, your best chance of competing with other home buyers and settling for the home of your dreams is by submitting an offer that is free from any home sale contingencies. This is especially important if you’re looking for a home in a competitive market.

Ascot Bridging Finance gives you a large cash down payment. What’s more, getting a bridge loan to purchase a new home is a faster process than conventional loans. This is because bridge loan lenders are more flexible, and the terms are far much shorter. A typical residential bridging loan will take anywhere between 6 to 12 months, while a conventional loan can take between 15 and 30 years.

A bridging finance brokercan help you find a suitable bridging loan to suit your needs.

How do bridging loans differ from conventional mortgages? 

While both funds for home purchases, conventional loans, and bridging loans have different requirements and processes. Traditional mortgages have a repayment span over a longer term of 15 to 30 years, and they often have a low-interest rate because of the long repayment period. On the other hand, bridge loans are processed much faster, have a higher interest rate because they take a shorter period of between 6 to 12 months.

How much can you borrow with a bridging loan?

With traditional mortgages, you can borrow a maximum of 75 percent of the combined value of your existing home and the new home you want to purchase. However, this will mainly depend on the lender. For instance, if your current home is worth £150,000 and the new home you want to purchase is worth £200,000, then you can calculate the maximum bridge loan this way: (£150,000 + £200,000) x .75 = £262,500. A bridging loan advisor will be able to calculate how much you may be able to borrow, as the bridging loan LTV varies dependant on a number of factors. 

How much do bridging loans cost? 

Generally, bridging loans are more expensive than traditional loans because they have a higher interest rate, and they have additional charges to be considered.

Bridging loans interest rates

Bridging loan lenders will charge high monthly interest rates. However, they won’t quote the APR because bridging loans are short term, and they may not last an entire year. loan interest rates are charged in one of three ways:

  • Monthly: You can pay interest rates for each month, but it is not added to your loan. Therefore, you will only pay the loan balance after the loan term.
  • Retained interest: This option allows you to borrow interest from your lender during the application for the loan. Therefore, the loan will cover the monthly interests for the agreed period. You will then pay for all your dues when the loan term comes to an end.
  • Deferred or rolled up interest: This allows you to pay the interest at the end of the loan term as you pay the original loan. Therefore, you won’t make any monthly payments, but the interest will be added up to your original loan amount each month.

Bottom line – use a bridging finance broker to get the best deal

Bridging loans can help you purchase your new home without struggling to sell your home or to make sale-contingency offers when buying a new home. However, bridging loans are not all the same, and you need to find a specialist lender with favourable bridging loan rates. The best way to do this is by working with a bridging finance broker who can compare products and find the best lender to suit your needs.


Bridging FinanceJo H
08:16 31 Jul 22
I cannot thank Alison enough for her time, sound advice and consideration of my personal needs. The pressure i felt to remortgage was lifted by Alison as she found the right deal at the right time.I would highly recommend to everyone.
Bridging FinanceDarren Coolican
13:54 08 Jul 22
Just wanted to say a big thank you to Alison, Kevin and all the team at Ascot Mortgages for all the help and support they provided with our recent purchase.They hunted down the very best deal available for us which was fantastic on its own but that's just a small part of the support they gave us throughout the process of purchasing an investment property.I can not recommend them highly enough.
Bridging Financearmagedon72
08:17 19 May 22
used Ascot mortgages a few times, everytime great service and they find the perfect mortgage for me, thanks again.
Bridging FinanceMarta Lepa
17:11 09 May 22
Great work. Always helpfull, very efficient company, sorting your mortgage for you. Would reffer that company to everybody wanting to buy the house
Bridging FinanceJames Horgan
10:10 06 May 22
Fantastic service from Alison and the team at Ascot. They are always willing to talk through options and are very creative at coming up with solutions. They are a real asset in supporting my property investments.
Bridging FinanceOwain Leonard
15:19 04 May 22
Working with Alison has been an easy process. You know you can get the information you need to get the right deal for your situation. Georgia has been very helpful to me as well.
Bridging FinanceA Turner
22:36 15 Mar 22
Always prepared to go the extra mile to ensure we get the best deal. We can not recommend Ascot and the team high enough! Simply the best! Alison pulled out all the stops for us on our latest purchase and got us over the line with the most complex case ever imaginable! Thank you Alison. Ascot are genuinely dream makers!
Bridging FinanceJoseph Parker
13:41 08 Dec 21
Excellent service from Alison from start to finish! She has a wealth of experience, replied to any queries we had promptly, even during out of office times and secured us the best mortgage available. Couldn't recommend more highly.
Bridging FinanceLouise Casson
22:42 24 Nov 21
Fantastic experience with Ascot Mortgages. Very friendly and efficient service from Nagina. This was my first buy to let mortgage and Nagina has made it very straightforward with High attention to detail and useful advice. Mortgage offer within a few days. I will certainly continue to use this service going forward.
Bridging FinanceGennaro Alfano
11:50 21 Nov 21
Highly recommended. Great service and helpful in each step of the process with my mortgages. Quick and efficient in solving any issues on the way and replying to my queries.Thank you Nagina for your hard work and for being very patient on my last remortgage, which was trickier than expected.Thank all Ascot Mortgages team…I am looking forward to using them again.
Bridging Financesamantha salkeld
12:59 15 Nov 21
I have used Ascot Mortgages for many years now and I always receive a fantastic service. Alison is great at thinking outside the box and always provides a fantastic tailored service to suit my circumstances. Highly recommend!!!
Bridging Financerachel milgate
18:12 09 Nov 21
Ascot are not your average mortgage broker, they are special and here's why. I was recommended to try Ascot Mortgages by my best friend, who was still raving about this company 8 years after using them. I was sceptical: I had difficult circumstances and couldn't believe that anyone would be able to help me. However from my very first phone call of enquiry I felt supported and that Ascot were totally on my side, optimistic and encouraging. The journey was not without challenges but Alison and her team fought for me and never gave up hope. They called me on Saturdays and in the evenings, they put in long hours and were totally committed. It felt personal, it felt like their care was genuine and I wasn't just a name on a piece of paper. They saw a person, a family who needed help. I will never be able to thank Alison and the team enough. They didn't just get me a mortgage, they changed my life.
Bridging FinanceBob Allen
09:59 03 Nov 21
As older borrowers, we would have found it difficult to find a mortgage lender ourselves. Alison found a lender for us and guided us through the process to a very satisfactory completion. Would highly recommend Alison Gibson of Ascot Mortgages for your mortgage needs. ????
Bridging FinanceNagina Haroon
16:10 28 Oct 21
I used Ascot Mortgages to arrange my life cover and income protection and the service I received from Alison was outstanding, Alison was very knowledgeable and professional. Would highly recommend Ascot Mortgages for all of your needs.
Bridging FinanceVince
08:56 18 Oct 21
First class service. Helpful every step of the way with my first buy to let mortgage. Thank you all and look forward to using you again.
Bridging Financefiona hibberd
19:21 15 Sep 21
First time I had used Ascot mortgages but wouldn't hesitate to use them again. Alison was so helpful and took care of everything ensuring a smooth process from start to finish.
Bridging FinanceGrace Nkunda
17:00 23 Aug 21
I just completed on refinancing my two properties with Ascot Mortgages. The refinancing wasn't straightforward. Without Alison Gibson being on board this wasn't possible. Alison's knowledge and expertise is beyond what I can ask for. I am so pleased with the service and 100% recommend to anyone out there struggling to get mortgage or refinancing!Again thank you so much Alison and your team!
Bridging FinanceMatthew Leigh
06:34 09 Aug 21
I can’t thank you guys enough! Very good at what they do. Got me a great deal and helped me save the farm. Thank you so much Ascot Mortgages
Bridging FinanceThe Bears
14:44 09 Jul 21
Ms IsseJust completed on Monday, first time buyer. Excellent professional team, nothing was too much. Alison held my hand through out the process, returned my calls or answered my questions on the same day with exception. Chased my solicitor up to completion date even though her job was complete.Was very patient and kind through my several meltdowns. This team deserves six star, would highly recommend
Bridging FinanceDavid Smith
13:04 18 Jun 21
I can honestly say it was a relief when someone recommended Ascot Mortgages Ltd to me.From start to finish, they have taken care of all of my questions and worked tirelessly to secure me a mortgage I'm happy with. Special thanks goes to Nagina, my case handler, who has impressed me to no end and definitely deserves a pay rise, Kevin!Thank you once again!
Bridging FinanceNicole Scaife
17:28 09 Jun 21
Alison and Hina at Ascot Mortgages are part of the best company by far that I have ever been in contact with. They are a fantastic team and extremely professional. Me and my partner are first time buyers and they have been there for every need, every break down and they never gave up on us. I couldn’t recommend this company enough. In the future I wouldn’t hesitate to call them back. They have made the whole process as smooth as possible. If you need a mortgage advisor please give them a call you won’t be disappointed. Thank you deeply for your help and support absolutely life savers…
Bridging FinanceCecily Lai
10:43 09 Jun 21
Thank you Alison for your hard work, you are a trooper.100% recommend Ascot Mortgages, we have used them twice. The first time was for a bridging loan, the case was slightly complicated but Alison managed to get it through on time.The second one is for a buy to let mortgage, it was handle very quickly and efficiently.The communication through out was amazing and Alison really does care about her clients.Thanks a million.
Bridging Finance

Financing A Property Development

Bridging finance can be used for a refurbishment project if the turnaround of the project is expected to be relatively quick. You can use a bridging loan to buy a house which at the time of purchase is deemed ‘unmortgageable’ until the renovation or remedial work is completed. Once the purchaser has completed the required works, they can apply for a mortgage and repay the bridging loan.

Bridging finance is a short-term funding and is probably the most under used form of financing available when assessing property loans. Bridging finance loans can provide fast access to funding with the minimum of formalities and can be used for a range of purposes including investment and commercial property financing through commercial bridging loans.

Bridging finance for properties that need a full renovation

We help people who want to apply for a bridging loan for all sorts of circumstances. These include renovation, refurbishment or purchasing dilapidated properties for full renovation. Property loans such as these can be obtained for either investment property financing or commercial property financing. Bridging finance is simply the name for short term investment loans and is sometimes also known as interim finance. A bridging loan broker can help you find a loan that is suitable, as there are many different types of short term bridging loans available.

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Fast Deals And Competitive Funding

A bridging loan advisor can help you find a loan wite fast access to funding and the minimum of formalities. The funds can be used for a range of purposes including property investment, commercial property, land, overseas investments, buying a business, or just to raise capital to aid cash flow.

A bridging loan advisor can get you a quick decision on a bridging finance loan

  • Need a quick decision on a bridging finance loan?
  • Looking for a bridging finance loan of between £38K and £10 Million?
  • Want to be sure you are getting some of the most competitive rates in the UK?
  • Need a same day response?
  • Would like fast, reliable advice from experienced bridging finance experts?
  • Speak to a bridging loan advisor at Ascot Mortgages today. 

Ascot are an experienced UK bridging finance broker. Make an appointment with a bridging finance broker from our team and you’ll get the best financial advice and great customer service, as well as access to a wide range of products.

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Thinking of remortgaging your current home? Want to ensure you get the best deal? Make an appointment with a remortgage specialist at Ascot Mortgages. As a  broker, we have access to the best deals, and can match you to a wide range of financial products to suit your circumstances. No matter what your reasons for remortgaging, contact the team at Ascot Mortgages today and we’ll be happy to discuss your needs.

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