Bridging finance – Auction Purchase
An auction property usually comes with 28 days to complete and sometimes this may not be sufficient for a client to arrange a traditional mortgage to enable them to complete. We can provide bridging finance to 85% open market value.
This is also helpful where a the property requires some work to be done and the mortgage lender has put a retention meaning you may not be able to complete until the works are carried out. You can use bridging finance as we will offer finance to 85% OMV regardless of what condition the property is in.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
