The Woolwich Equitable Building Society was taken over by Barclays in August 2000, with all accounts being migrated to the Barclays Group in early 2007.
Bridge finance is a type of short-term loan. Bridging loans are best thought of as a temporary loan which helps to bridge a financial gap, until you’re able to clear the loan in full or secure a more permanent kind of finance. This is where the bridge idea comes in – funds to get you from one step to another.
Bridging loans are a short-term funding option. They are used to bridge a void between a debt which is due – and we are talking largely about those involving property transactions, and the main line of credit being available. A bridging loan can also serve as a short-term loan in pressing circumstances. They can be invaluable in helping with buying a property which in other situations wouldn’t be feasible. But as you might know with a stop-gap measure, they can be more costly compared to a regular loan. Woolwich bridging loans can be used for many number of purposes, which can be quite complex in nature. While banks like Santander and Barclays implement set rules when examining loan applications, bridging finance lenders, such as the Woolwich, often take a more flexible approach.
The popularity of bridging loans has grown over the last few years, with the high street building societies and banks the likes of Barclays, Santander, Yorkshire Bank and HSBC becoming slower and increasingly hesitant when providing mortgages and financing becoming a far more protracted process. With the release of the Mortgage Market Review rules some years ago, mortgage applications became a longer process to complete, raising the possibility that bridging loans might end up being a lot more popular still for time-critical purchases.
Having some security, residential property, commercial property or land, alongside a reasonable credit score are the two things you’ll need to have before you are able to begin your application for bridge finance. The next step involves filling out an online loan application. With bridge loans, the vital things loan providers are looking for are: the quality of the asset you’re offering as security and quality of exit, which essentially means how you plan to pay back the loan. Bridging finance isn’t a cheap funding option so it is important you understand how you are going to get out of before you get in.
We’ve made our bridging finance calculator very easy to use. It’s an extremely useful tool to help you:
Our bridge finance calculator can aid you in finding the bridging loan that’s right for you. In addition to giving you an accurate estimate regarding how much you are able to apply to borrow and how much it is going to cost you, the bridging loan calculator can also help you narrow down the deals which are best suited to your situation.
Free... No Obligation, No Preliminary Credit Checks