Woolwich

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.

Financial Services Offered by Woolwich

  • Credit Cards
  • Corporate Banking
  • Insurance
  • Investment Banking
  • Markets
  • Mortgages
  • Payments
  • Wealth and Investment Management

Bridging Loans from Woolwich

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.

Bridge Finance Interest Rates

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 the Bridging Loan

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.

Applying for Bridging Finance

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.

Online Bridge Loan Calculator

We’ve made our bridging finance calculator very easy to use. It’s an extremely useful tool to help you:

  • Produce estimations as to how much interest you will have to pay back.
  • Discover how much you may be able to apply for.
  • Figure out how much you’ll be able to borrow without impacting your credit score.

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.

Commercial Loans from Woolwich

The world of commercial finance and loans is more diverse than it has ever been.

Commercial finance is another term for business funding – commercial finance is lending made for commercial enterprises. It tends to be talked about in sharp contrast to personal finance. There are several kinds of commercial financing options available.

Originally, commercial finance came from banks, although nowadays there are a variety of alternative funding sources available. Commercial finance, in its simplest form, is provided as a commercial loan. You agree a repayment period, the cost of finance and a loan amount.

The loans themselves may be offered on a secured or unsecured basis. Generally secured loans are less expensive since the lender is taking a lower risk, however you have to have an asset you’re able to use as security.

An unsecured loan is useful for businesses that don’t have enough assets to get a secured loan. Commercial loans can come from a number of sources. Commercial loans are offered by mainstream banks, independent lenders and challenger banks, alongside peer-to-peer lending platforms.

Online Loan Calculator

May different types of loan calculators are currently available with each one designed to assist you with finding the best deal based on your individual borrowing requirements. Loan calculators are available for the following loan types:

  • Business Loans
  • Unsecured Loans
  • Personal Loans
  • Secured Loans
  • Home Loans

Always bear in mind that the above calculators are only designed to give you a brief insight as to your suitability of a particular loan type and the fees you can expect to pay. An online loan calculator will never be able to guarantee whether or not your application will be approved.

Help-to-Buy Loans from Together Money

A Help to Buy Loan is designed to those looking to buy a brand-new home with an affordable deposit or to assist a first-time buyer with gaining access to the first rung on the UK property ladder.

A Quick Breakdown of the Help to Buy scheme

There are three key parts to Help to Buy:

  • London Help to Buy
  • Help to Buy equity Loans
  • Help to Buy ISAs

To be accepted for the scheme, you must:

  • Be purchasing a property that you intend to stay in the majority of the year
  • Make a down payment that is a minimum of 5 percent
  • Look to be buying a property worth a maximum of £600k

What Are Help to Buy Equity Loans?

These represent one of the most common methods of getting onto the property ladder and are designed for those intent on purchasing new-build properties.

A Help to Buy equity loan works as follows:

  • You deposit at least 5% of the property’s value
  • The government will then provide 20% of how much the property is valued at in the form of an equity loan
  • The mortgage you get must cover the rest of what the property is worth, so, if you put down a deposit of 5% and your loan from the government was 20%, you would then take out a 75% mortgage

Homeowner Loans from Woolwich

Homeowner loans are designed for people who have already taken out a mortgage. A homeowner loan may also be referred to as a secured loan, which means your property could be repossessed if you fail to make repayments on time. This diminishes the lenders risk, which results in preferential rates of interest. However, this presents a serious risk to borrowers who could have their homes repossessed if payments are not honoured.

What Amount Can I Apply to Borrow?

The overall value of your loan will ultimately depend on the actual loan provider and the total amount that your assets are worth, but a homeowner loan can be anywhere in the region of £250k to £500k. This is because lenders feel more self-assured granting loans to those who are equipped to put forward security.

How Much Time Is Available for Settling the Debt?

Owing to the huge amount of credit that’s associated with these loans, repayments can extend up to 30 years. This borrowing term means that a borrower may benefit from lower rates of interest, but be aware that you will pay more in total over the long run.

Can I Settle Early?

You can often repay a homeowner loan before the agreed term has been reached, but this means that you will often be required to pay an extra charge for this.

Career Development Loans from Woolwich

A good way to climb up the corporate ladder is by enhancing your CV with a postgraduate degree, but this can be very expensive; a postgraduate degree costs on average £11,000 per year. A Career Development Loan is designed to offer postgraduate students a helping hand whilst they are studying and often offers a much more attractive interest rate compared to other mass market loan products.

Professional Career Development Loans are where the Government pays the interest during the course. Whilst you’re studying, this means you are not amassing more and more debt. The reason a Career Development Loan is preferred than a bank loan, is because the Learning and Skills Council pays the interest for the duration of your studies. You can borrow as much as £10,000, although the amount you can borrow will ultimately be confined to 80% of your course fees, expenses and living costs.

Commercial Mortgages from Woolwich

A Commercial or Business Mortgage is designed for individuals and companies purchasing or re-mortgaging business premises. These financing products are also available for mixed use property, such as residential and part commercial.

Types of Business Mortgage

Speaking roughly, commercial mortgages are useful for 3 purposes:

  • Owner-occupied: Where the applicant seeks a brand-new property to relocate to, or is planning on acquiring the property where they operate from.
  • Residential buy-to-let: These are useful for those seeking to acquire a residential property to be rented out. These are used by buy-to-let companies and private landlords.
  • Commercial buy-to-let: Just like residential buy-to-let, these can also be used for buy-to-lets.

For example, you could use a commercial buy-to-let to purchase a warehouse that you may rent out to another business.

Online Mortgage Calculator

Mortgage calculators provide an excellent way to find out the total value of the mortgage you’ll be able to apply for and what the repayments will be. A mortgage calculator can be used for any type of mortgage including first time buyer and buy to let mortgages.

How to Apply

While many of the financial products and services provided by Woolwich 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.