We're specialists in Mortgage Delay Finance
We arrange fast bridging finance secured on residential or commercial property that can be used to solve mortgage delays.
Our Mortgage Delay Finance service
- Market-leading property bridging loans from £26,000 to £250m
- Monthly interest rates from 0.44% pm
(Lower rates for £700,000+ loans or less than 50% LTV) - LTVs up to 80% (up to 100% finance if additional collateral is available)
- Automated valuation options and dual legal representation
- No monthly payments with interest rolled-up options
- Terms up to 24 months
We provide a fast reliable service to help you get the finance you need at the best available rates.
We consider all types of credit history including non-status, bad or adverse and don't perform automated credit checks so there's no footprint from enquiring.
With incredible relationships with the UK's top lenders including specialist lenders, family offices and private investors, we can source the bridging loan you require:
up to £300k loans in 3 days
up to £700k loans in 7 days
up to £250m from 14 days
Where your timeline is critical and short, we're confident we can get your bridging loan in place. Get your best no obligation quote today.
Mortgage Delay Finance Lending Criteria
| Loan to value (LTV) | Up to 80% maximum |
| Loan term | 1 to 24 months |
| Loan amount | £26,000 up to £250m |
| Interest types | Rolled-up, retained or serviced |
| Interest rates | From 0.44% |
| Charge | 1st, 2nd & 3rd charges |
| Decision | Immediate decision in principle (DiP/AiP) |
| Completion | 3 days to 2 weeks |
| Early repayment fees | None |
| Availability | Secured on assets in UK & Europe Individuals, Companies, SPVs No credit & adverse credit considered |
| Exit strategy | Sale or refinance |
A comprehensive guide to Mortgage Delay Finance
Purchasing a property in the UK can sometimes be a complex process, and mortgage delays can be a common occurrence. These delays can cause significant challenges, particularly when a mortgage offer expires before completion.
However, one potential solution to mitigate such delays is by utilising a bridging loan. This guide aims to provide an overview of what bridging loans are, how mortgage delays occur, who they affect, and how bridging loans can be used to resolve these issues effectively.
Contents
Understanding bridging loans
A bridging loan is a short-term financing option that "bridges" the gap between the purchase of a new property and the sale of an existing one. Bridging loans typically have higher interest rates and shorter repayment terms compared to traditional mortgages due to their short-term nature.
The loan amount is usually based on the value of the property being purchased, as well as the borrower's ability to repay the loan.
How mortgage delays occur
Mortgage delays can occur for a variety of reasons, but here's the most common in the UK.
Valuation Delays
The process of property valuation may take longer than anticipated, causing delays in the mortgage application.
Documentation Issues
Incomplete or inaccurate paperwork can lead to delays, such as missing income proofs or legal documents.
Survey and Conveyancing Delays
Surveys and conveyancing can be time-consuming, especially if there are issues with the property's condition or legal matters.
Chain Breaks
Delays in property chains can significantly impact the timing of mortgage approvals and completion dates.
When mortgage delays occur
Mortgage delays can occur at various stages of the property purchase process, including:
- Mortgage Application Stage: When the lender requires additional information or experiences a backlog of applications.
- Property Valuation Stage: If the valuation process takes longer than expected.
- Legal and Conveyancing Stage: Delays may arise from complex legal issues or delays in obtaining necessary documentation.
- Property Chain Stage: If there are issues or delays in the chain of property purchases involving multiple parties.
Who mortgage delays affect
Delays can be frustrating for buyers who have made financial commitments and are eager to complete the purchase. But that's not all, delays in the buyer's mortgage approval can lead to uncertainty and potentially disrupt the seller's plans too.
How bridging loans can help
Bridging loans can provide immediate access to funds, enabling buyers to proceed with the purchase while awaiting the mortgage completion. They're secured against properties in your property in England, Scotland, Wales and Northern Ireland.
Bridging loans also offer great flexibility in terms of repayment options, allowing borrowers to tailor the loan to their specific needs.
Bridging loan applications are processed faster than traditional mortgages, and can be arranged in as little as 3-days, minimising the impact of delays.
Once the mortgage is approved, the bridging loan can be repaid, either through the mortgage funds or the sale of the existing property.
Dealing with an expired mortgage offer
There are three important things to remember when dealing with a mortgage delay to ensure you don't lose your property purchase.
Firstly, communicate with the seller, informing them about the situation, providing an explanation for the delay and reassuring them that you are in the process of resolving it.
Secondly, seek alternative short-term financing. Explore the possibility of a bridging loan to secure the funds needed for completing the property purchase.
Lastly, if you need to work quickly, then contact a bridging loan broker as they'll be best placed to guide you through the process and source a lender in the timescale you need.
We're experienced financial experts who arrange short-term bridging loans for property owners who are impacted by mortgage delays. We can secure you the best deal from the UK's best bridging loan providers including private investors and family offices.
Get expert assistance today, we're on hand to answer any questions about bridging loans.
Call our friendly team on 01202 612934, we're ready to help.
