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Are you planning to build a property, finalise the purchase of a new home after a broken chain, extend a lease, or buy a property at auction? A bridging loan might be the solution for you.
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A Complete Guide to Bridging Loans
When it comes to finding a home, being able to move fast and put in a competitive offer is essential. If your finances aren’t in place, you could miss out on the house of your dreams.
Bridge a financial gap with a bridging loan to give you the opportunity of owning your perfect home, or simply be able to act quickly on a potential real estate deal.
With a bridging loan, you can achieve exactly this; using your assets as collateral, you borrow a larger sum from your lender to buy a new home or sell an old one and then pay back the amount in a short space of time once your property deal is concluded.
5/5 Our advice score across Trust Pilot, Google and Facebook 30+ Industry Awards across different specialist lending areasWhat is the Process of Getting a Bridging Loan?
Application – provide basic financial information, salary, dependents, things like proof of identity and details of the property you intend to use as collateral for the loan.
Valuation – the lender will assess your property to discover if its value is correct and also look at the Loan-To-Value (LTV) ratio.
Approval – after reviewing risks and offering terms approval will occur; this can happen within a few days.
Funds – you will have access to your money within 2-4 weeks
And that’s it. Now let’s look at how interest rates and repayment work with bridging loans.
The speed of a bridging loan has a hefty cost, and that is in the interest rate. Usually with a bridging loan, you’ll be looking at a higher interest rate than you would get with a traditional loan. These rates can be fixed or variable, depending on your lender, and even though it might sound risky, remember that the entire purpose of a bridging loan is to be short-term. The interest may be high but you won’t be paying it off over the months, you will usually pay the sum back in full once you have sold your property or at the end of the agreed term.
The Value of Your Collateral
The collateral you are able to put up will determine how much you’ll be able to borrow. The more valuable the asset in question, the more you’ll be able to borrow as a result. The potential for a bridging loan is huge, and if you’re able to leverage a particularly high-value property your loan amount could be enormous.
The Different Types of Bridging Loans
As with a traditional loan, there are many different types of bridging loan available to you. This will depend on your lender but it’s something we can sort out for you, finding the best providers and deals to fit your budget.
Open bridging loan – best for those still in the process of buying a property as you’ll have no set repayment date.
Closed bridging loan – the loan is tied to a specific date; usually, this will be used if there is a property sale in progress.
First charge bridging loan – lenders have first claim on your property if you default on your loan.
Second charge bridging loan – if a mortgage or other loan already exists on your property a lender will have a second claim instead of first if you default.
Fixed-rate bridging loan – interest rates stay constant and are agreed upon before you take the loan.
Variable rate bridging loan – the interest rises and falls depending on market trends; a riskier option.
Common Uses for Bridging Loans
So, you have your bridging loan, what are you going to use it for? Even though it is short-term there is a surprising versatility and a wealth of potential that opens up to you with this added spending power.
The first and most obvious use for a bridging loan is to renovate or secure a property purchase. Bridging loans for property development are common. This makes sense as it’s pretty much the reason these loans exist in the first place and what the majority of borrowers will use it for. A bridging loan gives you both the speed and flexibility to realise your property-buying dreams.

Another great use is business growth and investment. Often times a business bridging loan will get a large bridging loan if they need a huge amount of capital when opportunities present themselves. There’s nothing worse than missing out on a fantastic deal because you couldn’t release enough capital in time. Commercial bridging loans are an ideal choice when needing to expand your business.
The third most common use is for debt consolidation and emergencies. Merging multiple loans into one manageable payment is the golden ticket to getting many out of crushing debt problems. Bridging loans can be used as a tool to enable this to happen but can also be used in the case of a financial emergency as a means to gain immediate funds to alleviate a potentially disastrous money-related catastrophe.



Eligibility and Borrowing Limits
All of this sounds fantastic but how much will you be able to borrow and will you be eligible for a bridging loan?
Interestingly, although a traditional loan will depend very much on your credit score, the important things for bridging loans are your collateral and that you have an adequate exit strategy.
Collateral – the value of the property or asset you want to use. Repayment plan – you need to show how you intend to pay back the loan, whether through a property sale or refinancing using a long-term loan. Credit history – is not as important as with traditional loans, they will still need to see a reasonable credit history. How much you’ll be able to borrow will depend on the asset you put up against it. In the case of property bridging loan this could range from £25,000 all the way up to millions, especially for bridging loans tied to commercial projects or major business developments. In general, the average loan amount will typically be around 60 – 80% of the property’s value. Lenders will look for:
How to Choose the Right Bridging Loan Provider
At the Mortgage Broker, we have expert advisers to compare bridging loans, who are able to search far and wide for the best deals to fit your specific circumstances. We’ll be able to present you with a range of lender options. When we search for lenders, we’ll typically look for:
- Rates – we’re always on the hunt for the most competitive interest rates and the cheapest bridging loans
- Terms – the duration and flexibility of the terms presented
- Reputation – we won’t show you any lenders with a less-than-stellar track record
Get in contact today to discover how The Mortgage Broker can help you find the house of your dreams. Complete a lengthy renovation project or even take the next step in growing your business; it’s all possible with a bridging loan.
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