Short-term mortgage loans can be an alternative to bridging loans. Whilst buying and selling simultaneously is the dream scenario, we understand that plans can sometimes go awry. Short-term mortgage lending can help you secure your next home when you’ve yet to sell your current one.
What is short-term lending?
Typical residential mortgages are long-term, lasting for up to 40 years. Our short-term mortgage loans are available for up to two years. This makes them an ideal solution for buying a new home while you’re waiting for your existing property to sell. It’s also useful if you’re buying your next home at auction and therefore need the funds right away.
How does short-term lending differ from a bridging loan?
Like our short-term mortgages, a bridging loan (or bridge loan) is also used to bridge the gap when buying a new home before selling your existing one. However, bridging loans can be expensive due to the higher fees involved.
Our short-term mortgage loans are interest-only, last for two years and have no early repayment charges so you can pay off the loan sooner if needed. Our product fee is also set, as opposed to some bridging loans which may calculate fees based on a percentage of the amount borrowed.
For more information about our short-term lending options, get in touch with our team on 0800 880 7437.
From new mortgages to remortgaging and Buy-to-Let, we can help you find the right deal.