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Secured loans are typically available over 3 to 25 years on a repayment basis. However interest only loans are also available from 1 month to 2 years and are commonly known as bridging loans.
Following a change in the rules on early settlement there is now a fairly good compromise which is a secured loan over a longer defined period with the ability to pay it off sooner.
Many factors come in to play when looking at short term borrowing. These include:
- How long you might need the money for
- What type of property is being offered as security – this affects which set of financial rules apply and which lenders are available
- You ability or desire to fund the repayments or have them added in to the loan
- How strong your exit is. There is no point committing to a 12 month loan unless you know the money will be available to pay it off
- The purpose of the loan and what rates of interest are available.
Make no mistake, specialist bridging and short term loans can be expensive due to the fees involved and the rates the lenders will charge. This is because they are only lending their money for a short period so need to charge more to make it worthwhile. Therefore it may be better to look at a secured loan as the rates are much lower. It is important to understand the costs and benefits of such short term borrowing – if having the cash clinches a profitable deal then it may be worth paying a higher cost for a short period.
The key point is don’t just think bridging. Look at all the options in light of why you need the money. You may even be able to combine the borrowing with a general tidying up of your finances, for example a consolidation loan which allows you to make a lump sum repayment without penalty.
We know from experience, it is a good idea to speak to an expert who can explain a whole range of options which might be available to you, many of which you might not have thought of.
Talk to Promise on 01902 585020