Bath, a city soaked in history and culture, attracts many property buyers, with the average property price being circa £590,000. The grandeur of the Roman Baths adds value not just aesthetically but financially. Owning property here is owning a piece of history - this historical significance enhances appeal and value for potential investors.
But it's a competitive market with investors keen to snap up property opportunities quickly.
And that's where a bridging loan can ensure you don't miss out on a quick property purchase in beautiful Bath. Our guide explains all.
Bath, a city known for its stunning Georgian architecture and historic Roman Baths, offers a variety of property types to choose from.
Regarding residential properties, terraced houses are popular, with an average price tag of £532,247 in 2022/2023. Flats could be your go-to option if you prefer something more compact, with an average price hovering around £391k.
These typically include older buildings requiring renovation or listed structures with restrictions on alterations due to their historic importance.
Apart from owning a piece of history in the heart of this UNESCO World Heritage City, they also offer substantial potential for capital appreciation post-renovation.
However, this sector can seem daunting because high street banks often shy away from such investments due to associated risks and complexities involved; hence the term 'unmortgageable'.
This gap has been recognised by alternative lenders who offer specialised products like bridging loans specifically designed for such scenarios.
A key factor when buying property anywhere is accessibility. Thankfully, getting to, from, and around Bath is straightforward, with excellent transport links by road or rail.
Educational Institutions in Bath
Beyond its rich heritage and convenient travel options, educational institutions also play their part in attracting homebuyers to buy property in Bath. Renowned schools ensure children are well catered for, while further education facilities such as the University of Bath provide opportunities for higher learning.
The benefits of bridging loans include fast finance and flexibility that high street banks often can't match. Bridging finance is like your trusty speedboat when the mortgage application process feels like a slow-moving barge.
You don't need to wait weeks or months to get your hands on the funds. With leading bridging loan deals, you could have anywhere from £25k to £250 million within seven working days, depending on circumstances.
Two fundamental types exist in this race against time: open and closed bridging loans.
Strict deadlines for repayment don't tie down an open bridging loan, which is handy if the sale of your current property takes longer than expected.
A closed bridging loan requires you to repay within a specific timeframe agreed upon upfront - typically used when contracts have been exchanged. Still, funds are not yet available from the buyer's lender.
In addition to this flexibility, bridging loans work with various property types, from residential and commercial properties to unmortgageable properties.
These short-term finance options offer a quick cash flow solution, letting you secure that must-have property before someone else.
Auction purchases require speed - often with completion needed within 28 days. Traditional mortgage lenders might be unable to keep up, but bridging loans can. They're designed as fast finance solutions and are particularly suited for auction properties where time is of the essence.
Bridging loans include special features like light and heavy refurbishment finance options. Whether you need to spruce up the interiors or undertake significant structural changes, these loans have covered you.
Mindful renovation enhances both appeal and value—resulting in an increased property price when it comes to resale or refinancing onto longer-term borrowing such as mortgages, even though they may seem more expensive than high street banks.
While traditional mortgage application takes weeks (sometimes months.), leading bridging loan deals promise funds within seven working days depending on circumstances—a clear advantage when buying at auctions.
We're experienced financial specialists who arrange short-term bridging loans for property owners, securing you the best deal from over 200 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.