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Halifax Bridging Loans, Loan Interest rates, additional costs and Bridging Loan Calculator.
Halifax Bridging Loans, Halifax used to be called Halifax building Society it was founded in 1853 and started trading in Halifax West Yorkshire from where it takes its name Halifax, it was floated on the London stock exchange in 1997 and became known as Halifax PLC, the Halifax is a trading division of the royal bank of Scotland, which in turn is owned by Lloyds Bank plc.
The Halifax is a bank based in the UK and offers financial products such as mortgages and loans to both new and existing clients, most of the high street banks do offer bridging loans but you will normally find that bridging loans are only offered to existing clients if they are also taking out a mortgage with them.
Bridging Loans from Halifax are a short-term funding solution that are used to bridge the gap when buying a property, they are sometimes also used to access equity that is in a property to use as a short-term loan, however in the vast majority of case the loans are used when making a property purchase, often this is because one of the sellers or buyers has pulled out of a property chain, this could result in one or all of the sales that are dependent on the chain falling through, in these circumstances a bridging loan could save the day and keep all of the transactions on track for completion. A Halifax bridging loan could also be used if you are looking to purchase a property before selling your own, this allows you become a cash buyer to all intents and purposes as you are neither relying on the sale of your own property or on arranging a mortgage which could take many months to arrange, with bridging finance you could complete in as little as two weeks, giving you time then to arrange a mortgage on the property at a later date.
A Halifax Bridging loan could be secured against any type of property in the UK the preferred choice is for the loans to be made against residential property.
Some bridging loans are regulated by the financial conduct authority as a rule of thumb if you are any one of your family intended to or are living in the property then this would in effect become a regulated bridging loan, in this situation you would have to be advised by a lender or broker who is registered and authorised with the FCA to offer advice. If you have no intention of living in the property then this would be considered a non-regulated bridging loan and is not bound by the same constraints as a regulated bridging loan.
Like with all bridging loans a Halifax bridging loan can be taken out for anything up to twelve months and or as little as 1 week and you will only ever pay for the actual days interest that the loan was outstanding for, note interest rates on a bridging loan are normally quoted on a monthly basis so if the quote is for say 4% per month than the actual rate per year is going to be 12 x 0.4 = 4.8% per year.
Halifax Bridging Loans What you can do with one.
When taking out a bridging loan you can use the loan for any legal reason lenders do not make any restrictions on what you spend the money on.
Criteria for bridging loans and finance
We have access to all of the top bridging loan lenders and can compare the market for you to ensure you get the right loan for your circumstances.
Use our online form or give us a call and we can discuss your requirements in more detail and advise on what the best loan is for your current situation.
With over 20 years experience you can be assured of the very best help and advice from our team.
We are an FCA regulated firm