Following the end of the stamp duty holiday, introduced to reboot the housing market after the pandemic-imposed lull in activity, standard mortgage enquiries have slowed. But the bridging market has continued to see high levels of interest.
The latest Association of Short-Term Lenders figures show bridging completions totalled £1.1bn in the second quarter of 2021— an increase of 23.2% on Q1.
Short-term lending is not just a one-size-fits-all product, but is fully flexible and can be used for a variety of purposes
The bridging sector is shaking off negative misconceptions of the past and proving to be the saviour of many property transactions.
In this supplement, we examine why short-term lending is not just a one-size-fits-all product, but is fully flexible and can be used for a variety of purposes. The loans are proving to be popular for those looking to refurbish existing properties, as an exit from development finance or for use on purchasing auction properties.
Bridging lenders are also accelerating the time in which they can deliver a loan offer, with some turning them around in 48 hours and reports of deals completing within a week.
The bridging sector is shaking off negative misconceptions of the past
With the number of lenders in the market continually on the rise, pricing is also now extremely competitive, making it even more appealing to borrowers. This, of course, makes it a product that brokers will want to engage with even more as the market grows.
