Bridge to Let

Altun Finance Limited: Expert Advisors for Bridge to Let Mortgage Brokers

Unlock the potential of property investment with our Bridge to Let loans, providing you with the opportunity to purchase properties that would otherwise be out of reach.

Bridge to Let financing offers a versatile loan option for both commercial and residential properties. With a well-defined exit strategy, you can choose to refinance onto a conventional Buy to Let mortgage or generate income by renting out the property partially or in its entirety. Explore the possibilities of Buy to Let Bridging loans and mortgages and unlock the potential of your property investment.

What is Bridge to Let?

A Bridge to Let mortgage is a specialised type of Bridging loan that includes a pre-approved Buy to Let mortgage. It is specifically designed to assist investors in buying a second property or multiple properties that they might struggle to afford with a traditional mortgage.

How does a Bridge to Let loan work?

With Altun Finance Limited’s Bridge to Let mortgage, the initial bridging loan is utilised for purchasing and, in some cases, developing a property. Once the property is completed and tenanted, the loan is then transferred to a Buy to Let agreement.

The key distinctions of Bridge to Let loans compared to other financing options are as follows:

Fast turnaround

Bridge to Let loans offer significantly faster turnaround times compared to traditional mortgages. They can be arranged within a couple of days, making them ideal for situations where borrowers require short-term financial support to secure long-term gains.

Pre-approved exit strategy

To qualify for a Bridge to Let loan, applicants must have a pre-approved exit finance strategy in place. One of the main advantages of Bridge to Let loans is that they come with a pre-approved exit strategy, which involves letting the property out to tenants after the purchase. This integrated exit strategy allows for a seamless transition from the bridging loan to a Buy to Let mortgage with the same lender.

By supplying this information, your broker can find the ideal lender for you, ensuring the best rates available.

How to apply for Bridge to Let Loan?

When applying for a Bridge to Let loan, you will need to provide specific information about yourself and the property. Bridge to Let lenders assess different factors compared to traditional mortgage applications. This information required may include :

Address history and date of birth for individual borrowers
Company name, number, directors’ details, and significant shareholders’ details (if applicable)
Full address of the property to be purchased
Sales details and independent valuation (if available)
Details of planning permissions (if applicable)
Property plan and exit strategy
Information on other assets to secure funding against
Ability to refinance the property before the loan period ends
Previous experience with property renovations (if applicable)

Can you still get a Bridge to Let loan with bad credit?

While having adverse credit may limit your options, there are bridge to let lenders we work with who specialise in assisting borrowers with challenging credit histories. With the right lender, it may still be possible to secure a Bridge to Let loan even with a low credit score, mortgage arrears, or defaults. Finding the right lender is crucial to avoid application rejections.

What is the typical interest rate from bridge to let mortgage lenders?

Interest rates for Bridge to Let loans vary among lenders and depend on the length of the loan. They are often higher than standard mortgage rates. It is crucial to secure your Bridge to Let mortgage at the best possible rate to avoid high APRs. Consult with an Altun Finance advisor to ensure you obtain the most favourable terms.

How much can you borrow with a Bridge to Let mortgage?

The amount you can borrow with a Bridge to Let mortgage is determined by the rental income you anticipate generating from the property. This is subject to the lender’s maximum Loan to Value (LTV) cap. For example, if a lender with an 80% LTV agrees to bridge a £100,000 property, they will cap the lending at £80,000, requiring the borrower to provide the remaining amount as a deposit. The main factors that can affect your LTV are:

What are the fees for Bridge to Let?

In addition to the agreed-upon interest rate, lenders charge additional fees to cover administrative costs associated with securing the loan. These fees may include:

Discover the Potential of Bridge to Let Mortgages with Altun Finance Limited

Unlock the opportunity to invest in properties beyond your reach. Speak to our expert advisors today to take advantage of faster turnaround times and a pre-approved exit strategy. Contact us to secure your Bridge to Let loan.