Landlords, property investors and businesspeople alike have been paying attention to the leafy county of Surrey as the UK property market booms and many are now investing heavily into the market.
Following the pandemic, you may have heard of the ‘race for space’ where renters and property owners are moving out of the city and into more rural and quieter areas, with Surrey ranking very highly on the list of desirable destinations.
With its proximity to London and excellent transport links it’s become an extremely popular destination for property, and that has meant that we’re seeing a lot more applications coming from clients in Surrey looking for bridging loans or finance.
With that in mind we’ve put together a short guide to give you everything you need to know.
Looking to buy a property in Surrey?
You’re not alone, with prices in the county rising over 8% last year alone. That’s caused something of a gold rush for property in the area, and that’s meant that many are looking at ways to finance these purchases that can speed up the process.
Bridging loans are an excellent way to this as they’re flexible, fast and designed to be short term so can be used to plug a gap or shorten a process.
Surrey more recently has seen a huge drive in demand for investment properties as well as residential properties. That being said, due to this huge demand there has been huge strain placed on property chains and deals as people want them to be processed and concluded as quickly as possible.
In these instances, bridging loans are an excellent option to break property chains and conclude deals quicker.
Hank Zarihs Associates Bridging loan service
We have been working with clients all across Surrey that are looking for bridging loans or finance, as we work with a panel of lenders that are looking for more exposure to the UK housing market, and especially in thriving areas like Surrey.
We have a team that are friendly and experienced, and that can talk you through the process from start to finish, and if a bridging loan isn’t the right solution for you, then we can look at other finance products that may suit you better.
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We work with the mortgage lenders
We work with a range of mortgage lenders that come from a diverse range of backgrounds and have access to lenders that you may not normally be able to find through traditional methods.
We work with, for example, pension funds, foreign banks and investors who can offer better and exclusive rates through Hank Zarihs who are the preferred partner of a number of mortgage lenders.
Who can use bridging loans in Surrey?
Theoretically anybody can use bridging loans as long as you’re able to demonstrate that you’re able to repay the loan and have an exit plan.
Bridging loans are extremely flexible and that means that they’re available for anybody that can meet the criteria set by lenders. Expect to be asked to prove your income, provide some ID, provide security, and be able to show your exit strategy.
An exit strategy, in simple terms, is how you intend to repay your bridging loan. For example, in Surrey, you may be part of a property chain, and require a bridging loan to buy your new house until you’ve completed on your old property. Your exit strategy, in that scenario, is that you’ll repay the bridging loan once your old property has been sold.
Whilst property is the most common use for a bridging loan, or bridging finance, there are many uses for a bridging loan realistically.
For example, you can use bridging finance to renovate or develop a property, to break a property chain or to change an investment property into a new use.
Alternatively, you could use a bridging loan to plug the gap for invoice income or prevent a petition for bankruptcy for your creditors. Ultimately, if you have security for loans, a reliable income, and are able to provide an exit strategy, they can be used for most things.
Bridging loan calculator
It’s important that you understand your affordability and whether this type of finance is for you. In order to help you get a better idea we’ve included a handy calculator that will allow you to adjust your deposit, the length of repayment and the amount of the finance so that you can get a better idea of what repayments will look like and whether you’re able to afford them.
This is meant to be used as an example, however, and if you’d like a more accurate quote then it’s a better idea to speak to one of our brokers who can provide more detail.
Speak to our bridging finance brokers
If this is something that you’ve been thinking of, and you’re wanting more detail, then we have a friendly team on hand that can talk you through the process and what it involves.
We can often get you a quote in principle within hours, and can have finance agreed within 5 and 10 days, all being well, so why not get in touch with one of our brokers today?