Initially founded as a local building society in 1853, Halifax is now a fully licensed bank owned wholly by Lloyds Banking Group, and operated as a trading division of Bank of Scotland. Initially formed as a way for the working class with any surplus to invest their money and receive an interest or to borrow money to fund home purchases. The company now offers a wide range of financial services to individuals and businesses.
Typically bridging loans are used for the purchase of a property. These loans are designed to help people who are moving house and who want to acquire a new property while their existing home is on the market. When equity happens to be locked up in a mortgage, a Halifax bridging loan may be appropriate to finance a property purchase. They can be especially valuable to property managers, people who are buying property at auction and developers.
Home-movers may want to use a bridging loan to avoid getting stuck in a property chain so that they can purchase a new property whilst waiting for a mortgage. Nonetheless, it is important that you bear in mind that obtaining bridging finance doesn't guarantee you'll obtain a mortgage in the future.
Theoretically, they differ because bridging finance is used for short-term financing purposes only, whereas most other loans tend to be used for long-term financing. The speed of getting the cash transferred into your account is another major difference between these two loans. It can take weeks for high street lenders such as Barclays to complete a loan, however, a bridging loan can be arranged in 1 to 2 days.
How much will your bridging loan cost? Adding up the amount of the loan, interest and administration fees ought to give you a good insight on the costs involved.
In addition to the interest you will need to pay a collection of different charges when you apply for a bridging loan, consisting of some of the following:
Having some security, such as a commercial property, land or residential property, and a reasonable credit history are the two things you will need before you make an application for a bridging loan. The next step involves filling out an online loan application.
With a bridging loan, the key things lenders look at for are the quality of exit strategy and value of the asset you're offering as security. This is not cheap finance so you have to know how you're getting out of before you get in.
Our calculator is fast and simple to use and is provided to illustrate interest charges and various other costs associated with bridging finance. There are numerous bridging finance companies who all charge a range of different interest rates along with a host of other charges. These charges differ considerably making it impossible to provide a bridging loan quoting system online that's able to offer quotes for all circumstances. A bridging finance calculator is meant as a guide only. It is however based on the most popular bridging plans.
Like most mainstream lenders, Halifax offers an extensive range of residential and commercial loan products for all purposes. Development finance as a specific product is not currently available, but Halifax will nonetheless consider the provision of loans for a variety of purposes. Property purchases, buy-to-let investments, shared ownership and so on – all applications are considered by way of individual merit. In addition, sufficient collateral is required to secure all such loans, which are usually subject to extensive credit checks and client screening.
Halifax is one of the most popular and successful banks on the High Street. However, this doesn’t necessarily mean they’re the best bank for your unique needs. If you’re looking to secure development finance for any purpose, we generally recommend sticking with development finance specialists. Rather than using more traditional financial products to cover the costs, why not work with an experienced development finance team? If you’re looking to secure the best possible deal and access the lowest rates on the market, you’re in safe hands with Donkey Finance.
As a whole-of-market broker, we’re able to access outstanding development finance deals you won’t find elsewhere. We work closely with major names like Halifax, along with dozens of independent specialists up and down the UK. We understand the importance of affordability and accessibility, when looking to secure funds for property development purposes. We also acknowledge the value of streamlined application processes and prompt pay-outs.
That’s why Donkey Finance takes care of everything on the borrower’s behalf. Simply let us know what you need and we’ll get to work finding you an unbeatable deal. Our online loan calculator is ideal for evaluating borrowing costs and establishing your requirements. We’ve simplified every aspect of the application process, often completing development finance transactions in a matter of days. Donkey Finance specialises in the kind of prompt funding you simply will not find anywhere else.
Whether you’re new to development finance or an experienced property developer, we’d be delighted to hear from you. As a fully independent broker, you can count on Donkey Finance to provide you with honest and objective advice at all times. If Halifax is the best bank for you, we’ll let you know. If you’re better off with a specialist development finance lender, we’ll show you the way.
Contact a member of the Donkey Finance team today to discuss your requirements in more detail.
Before you apply for a mortgage use a mortgage calculator to get a good idea of how much you could apply for and how much your repayments might be. This applies to every kind of mortgage - including buy to let mortgages.
Halifax offers buy to let mortgages to allow their customers to be able to invest in property long-term so that they can continue to have a reliable income from the property in the future. To begin the process of applying for this type of loan, you can start the application either in person in a branch or over the phone. You will need to have proof of income and employment for the last 18 months, addresses for the last three years, and information regarding any of your other financial commitments. This will allow the mortgage advisor to determine if you are able to handle the commitment of a buy to let mortgage.
Halifax offers help to determine if this is the right mortgage product for you and self-financing deals so that you won’t have to pay more than what you are making in income from the property each month. They will talk to you about charges and costs such as insurance and upkeep of the property so you can be sure that your rent will also cover these expenses. By advising you as to how much you can afford, these mortgage advisors make sure that you do not take on too much debt that you will be unable to handle.
There are two ways you can benefit from the Help to Buy scheme:
You will not pay any charges or interest on the loan for the first 5 years. In the 6th year, you will be charged 1.75%. After that, the fee rises by inflation based on the Retail Prices Index plus 1% each year. Retail Prices Index figures are created by the ONS (Office for National Statistics).
A commercial mortgage is used to buy business premises or to purchase a business. Commercial mortgage lenders normally require a deposit between 25% and 40% of the total value of your property and mortgage terms can run from one to forty years. Getting a commercial mortgage is based on the ability of your business to make honour the repayments.
You'll also find that lenders will assess your business before quoting you an interest rate. They usually look at past performance, long-term future strategies and the current position. The interest you are given may be based on these factors and may be greater if the underwriter identifies higher risk in the proposal. You may have to offer a thorough business plan that shows that you are able to make payments, and a professional valuation is normally needed.
While many people turn to Halifax for personal banking needs, if they need business accounts, such as free business banking for start-ups, online account access, message alerts sent straight to their phones, and support from the business team, they have to work with other banks to receive these services. In addition, this company doesn’t offer business finance options. This can be really frustrating for people who are in need of new business funding to get their company up and running or because they need small business finance to help make ends meet or take advantage of a great purchase opportunity.
At Donkey Finance, we are happy to fill the gap that Halifax creates by not offering business or commercial loans to their customers. We believe that you should be able to get the business funding that you need right away, which is why we can offer speedy no obligation quotes and then provide you with an approval in under 24 hours. By working with us, you can make sure that you have the alternative business funding that you need to take advantage of a great deal, expand your company, or even pay additional employees during the busy season. We want to be there for you, no matter your needs, which is why we have so many customers who turn to us in times of need.
The amount of money that you need will vary depending on what you are going to buy or finance. That’s why we offer new business finance loans up to £200,000. No matter how much money you decide to borrow, when you work with us, you can rest assured that you can easily take care of any problems that come your way, thanks to our finance for business solutions. You can secure your loan against a business asset that you already own, which will reduce the stress that you feel about taking small business funding.
We believe in offering you the money that you need, when you need it, so that you are prepared for all that comes at you. It doesn’t matter to us if you are just starting your business, or if you have been in business for a while, we are happy to help you with funding for business expenses. By turning to us for business start up funding or to help you finance a major purchase, you can make sure that you are prepared for whatever comes your way and have the money you need to make your dreams come true.
Commercial finance is another term for business finance – it is lending created for commercial enterprises.
Commercial loans tend to be talked about in contrast to personal finance. There are several kinds of commercial finance. In the beginning, commercial finance would have come from banks. However, nowadays a range of alternative finance options are available. Commercial finance in its most basic form is a commercial loan. You agree a repayment period, the rate of interest and an amount.
A commercial loan can either be unsecured or secured. Secured loans are generally less expensive since the lender is taking a lower risk, but you have to have an asset to use as security. An unsecured loan is useful for businesses that do not have enough assets to get a secured loan. A commercial loan can come from a number of sources. They're supplied by mainstream banks, challenger banks and independent lenders. They may also be provided by peer-to-peer lending platforms.
Halifaxis a trusted name on the UK lending scene, working with millions of private and business customers across Britain. However, Halifax does not currently offer any specific secured loan products, outside its conventional mortgage portfolio. Only those who currently hold a mortgage with Halifax are able to qualify for additional funding in the form of a secured loan.
As such, Halifax secured loans are available in accordance with the following criteria and characteristics:
Halifax also offers debt consolidation loans and personal loans for sums lower than £10,000. No other Halifax secured loan products are currently available, aside from mortgages and the option to increase the value of an existing Halifax mortgage.
Here at Donkey Finance, we specialise in secured loans that are significantly more flexible and versatile. We understand that when significant sums are needed as promptly as possible, they may be needed for a wide variety of purposes. Business costs, investment opportunities, urgent repairs, property improvements and so on. That’s why we provide all-purpose secured loans to suit all requirements and budgets.
Working closely with an extensive network of specialist lenders, we’re able to pair borrowers with exclusive deals on dynamic secured loans. Through a simplified application process, we can typically complete the transaction within a matter of days. Whatever you need and whenever you need it, our all-purpose secured loans have you covered.
Unlike Halifax, we’re able to provide secured loans that don’t require any credit checks or proof of income. Instead, it’s simply a case of providing the required collateral to cover the value of the loan. We pride ourselves on simplified application processes, along with exclusive access to low rates of interest and rock-bottom borrowing costs you won’t find elsewhere.
We scour the whole of the UK market to provide our customers with unbeatable deals. So before applying for a Halifax secured loan, contact the team at Donkey Finance to see what we can offer. Call today, or use our innovative online loans calculator to learn more about the options available.
Lots of people need to take out a loan at some point in their lives, whether it's to do something expensive like extend your house, to settle debts or to buy something that you cannot afford to purchase outright.
If you've got a mortgage or own your own property, getting a loan can often be easier and less expensive, and you may gain access to more money than a person who isn't a homeowner. That's because owning a home potentially gives you access to funds to pay the loan if needed.
Secured homeowner loan providers can offer you a secured against your home. You need to make repayments monthly during the term of the loan, which can be between 5 and 35 years.
Buying a property at auction can be a great way of securing an unbeatable deal. Properties often go under the hammer at auctions for significantly less than their market value. Nevertheless, securing the funds you need to pay for a property sold by way of auction can be tricky.
While Halifax provides helpful information regarding the advantages and disadvantages of buying properties at auction, they don’t currently offer any specialist auction finance products. The only services available for property investments are the bank’s standard residential and commercial mortgages. The problem is that when looking to buy a property at auction, the traditional mortgage option simply isn’t viable.
In order to purchase a property at auction, a deposit of 10% needs to be paid immediately. After which, the outstanding balance must be paid within a few days. Mortgage products from Halifax are available with no specific upper-limit, but the application process typically takes weeks to complete. Hence, this is not a viable financial solution for those looking to buy a property at auction.
If time isn’t an issue, traditional mortgage products may be suitable. When the funds you need are required urgently, it’s better to consider specialist auction finance. Here at Donkey Finance, we work closely with an extensive network of lenders across the UK. Along with major names like Halifax, we also source loans from the market’s best independent service providers. This enables us to locate and secure the ideal loan product for every client, in accordance with their requirements and current financial situation.
Rather than comparing the market manually, why not let Donkey Finance do the work on your behalf? If considering buying a property at auction, we’d be delighted to hear from you. We’ll compare the very best deals from leading lenders across the UK, providing access to exclusive auction finance products you won’t find elsewhere.
We also work hard to minimise all attached borrowing costs, eliminating unnecessary fees and charges where possible. Whether you’re buying a home or simply looking to expand your property portfolio, the Donkey Finance team is standing by to help.
Call today to discuss our auction finance services in more detail.
Career and professional development loans are bank loans to pay for courses that help with your career or help get you a job. You may be able to borrow between £300 and £10,000. These loans are offered at a reduced rate of interest and the government pays interest while you are studying.
To apply you need to:
To qualify a course should:
Professional and Career Development Loans cannot be used for a first full-time degree but you can apply for a student loan if this applies to you.
While many of the financial products and services provided by Halifax can be applied for online, others require in-person meetings or telephone consultations. In any case, we can help you pinpoint and apply for the perfect product for your needs. Give a member of our customer support team a call today, or send us an email with an outline of your loan requirements.Apply Now
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