Yorkshire Bank

Founded in 1859 in Halifax, Yorkshire Bank now operates more than 90 branches, 22 business and private banking centres in the UK. Yorkshire Bank is owned and operated by CYBG plc.

Financial Services Offered by Yorkshire Bank

  • Current Accounts
  • Savings
  • Mortgages
  • Credit card
  • Loans
  • Mortgages
  • Home Insurance
  • Car Insurance
  • Travel Insurance
  • Life & Critical Illness Insurance

Compare Yorkshire Bank Bridging Loans

The most common use of a Yorkshire Bank bridging loan is for property purchases. Yorkshire Bank bridging loans assist homeowners moving house, wanting to purchase another home before selling their existing house. When equity is tied up in an existing mortgage, a bridging loan might be the most appropriate way forward to pay for the property sale.

A bridging loan is useful to property developers, buying property at auction and landlords managing a property portfolio. When moving home a bridge loan is useful to avoid a property chain, ensuring they acquire the new house while waiting for mortgage funds.

Bridging Loans Compared To Standard Loans

Bridging loans are short term loans and personal or secured loans are long term. Securing bridging finance will not guarantee a mortgage.

In reality, the speed of receiving funds for bridging loans in your account is the key difference between the two types of finance. It takes a longer time for high street banks to complete a standard loan, compared with a bridge loan that takes two or three days.

Bridging Finance Interest Rates

Adding up fees, the loan amount and the interest rate, provides an approximate cost of bridging finance. Below is what to expect regarding bridging loan interest rates and what factors can impact the amount of interest you will pay.

  • Repayment terms –If you have applied for a closed bridging loan and you establish a set date for repayment, the length of your loan might impact the interest rate.

 

  • Bridging loan size –Expect higher interest rates when wanting funds in excess of £300,000 unless there are assets in hand that the lender feels satisfied with.

 

  • Property value – The value of your property could determine the rates for the bridging loan. The more risk bridging loan lenders face, the higher the interest.

 

  • Closed vs Open – Open bridging loans are more flexible allowing payments not needing to be paid before a set date. Closed bridging loans have a set date for the loan repayments.

Applying for Bridging Finance

We need contact name and number, what type of bridging loan you are after together with the property intended as security. Once you submit your application, a member of our team will contact you for any additional information.

Bridging Loan Calculator

Our calculator provides approximate costs associated with your bridging loan. There are many bridging loan providers with rates exceeding others. We search the market and compare the best deals.

Below there are fees you must consider to be added to the bridging loan:

  • Setup (facility) fee:Average cost of set up is 1-2% of the total amount.
  • Administration fees:Completing the paperwork beginning to end.
  • Exit fees:Not always applied but can be up to  1% of the loan
  • Broker fees:Paying the bridging loan broker to source and package the deal
  • Legal fees: Mainly relative to solicitor fees
  • Valuation fees: Property evaluation costs to the land surveyor

Help to Buy Loans from Yorkshire Bank

The ‘Help to Buy’ scheme is geared towards first time buyers affording their own home.

Help to Buy schemes consist of three areas:

  1. Help to Buy ISAs
  2. Help to Buy equity loans
  3. London Help to Buy.

Qualifying for the Help to Buy scheme require the following scenarios:

  • Buying a house less than £500,000 (limits vary)
  • Minimum down payment of 5%
  • Staying in the property you are purchasing majority of the year. (not applicable if you are wanting a second home or a buy to let property)

Help to Buy Equity Loan

Not always but most applicable when buying a new-build home,  Help to Buy equity loan works like this:

  • Minimum deposit 5%
  • The government gives 20% of the property value as an equity loan.
  • You get a mortgage for the balance. Should the down payment be 5%, your loan 20%, then get a 75% mortgage

Homeowner Loans from Yorkshire Bank

Homeowner (second charge) loans are given to people that already have a mortgage on property. Often referred to as secured loans, homeowner loans are secured against property as security. The loan provider has less risk this way and passes risk to the debtor with property repossession should the agreed payments not be adhered to.

How Much Can I Apply to Borrow?

Homeowner loan varies between £50K & £500k.

What is the Average Homeowner Loan Term?

Time for the loans can range from 5 years to 25 years

Can a Homeowner Loan Be Repaid Early?

Yes, but there may be small fees needing to be paid.

Career Development Loans

Career Development Loans have better interest rates and assist students afford College or University. The Learning and Skills Council pays the interest during the study periods. The Government pays the interest rates only throughout your studies helping lessen the debt.

The loan amount is approx. 80% of your course fee and living costs.

Yorkshire Bank Commercial Mortgages

Commercial mortgages take over where business loans finish off. Business loans up to £25,000 are unsecured. Security is needed when wanting higher amounts (£50K+)

What Can Be Offered as Security?

The property being purchased can be used as security for the loan. The amount tends to be 70% of the property value and a down payment for the balance of the purchase is required. You can provide extra security if you do not have funds in hand. Extra security relates to assets such as equity or shared ownership in other properties.

Online Mortgage Calculator

A mortgage calculator helps you choose the right mortgage and also determines the approximate costs for the mortgage repayments. Mortgage calculators are used to compare mortgage products such as standard home mortgages, help to buy, right to buy and buy to let mortgages.

Buy to Let Mortgages from Yorkshire Bank

Yorkshire Bank makes it really easy for their customers to invest in their future by buying property for rentals. While it can be difficult to come up with the capital that you need to purchase these properties, when you use a buy to let mortgage, the process is fast and easy. This ensures that you won’t miss out on an opportunity. By considering your anticipated income from your rental, you can easily get the money that you need for your mortgage. These professionals will be able to help you figure out how much you can borrow, so you can make your dreams come true.

What to Know About Buy to Let Mortgages

You need to understand whether or not owning a rental property is the right thing for you and if a buy to let mortgage can help you to achieve your dream. You need to know that your property isn’t guaranteed to make money and that you have a number of responsibilities. From landlord responsibilities to commercial considerations, we make it easy for you to understand what you are getting into with a buy to let mortgage. These experts are happy to talk to you and make sure that this is the right option for you.

How to Apply

Is easy and quick. We have a friendly team waiting to receive your contact details and provide financial advice so you get the right deal.