Published 16 June 2019 · Last reviewed 16 June 2019 · Older article — see current rates
Are you looking to re-bridge without being charged a broker fee – if so you are reading the right article.
There could be a number of reasons why you are looking to re-bridge without being charged a broker fee, here are just some of them:
• The term is running out. It could be your project has overrun? The original advice you had on the bridging length was poor? The bridging lender may have a maximum term, for instance, regulated bridges are limited to 12 months maximum, and this proved to be an insufficient length.
See current re-bridging lender appetite on the transparent bridging calculator.
• You are getting harassed by the current Bridging Lender. By nature finance, particularly bridging finance, is an arrangement to suit all. Some Bridging Finance companies only remain profitable if they constantly regurgitate the same capital and gather in the high set up costs to survive. Some Bridging Companies apply a strong hand to reclaim the repayment of their money and can refuse bridging agreement extensions. Switching to a new Bridging Lender by re-bridging could provide the breathing space you seek to sleep more comfortable at night.
• You are ultimately looking to sell the property and are not looking to be tied into long term finance such as a remortgage so a re-bridge looks like the best approach.
• Conversely, the project is not quite ready to apply for the remortgage you seek. For instance, the roof is not completed; the HMO licensing is not in; you are waiting on your Tax Return to be finalised to evidence your income; the property title is in the process of being transferred into your name; or for a large CCJ to drop off your credit file.
• You need a re-bridge but are reluctant to shell out for another broker fee.
At Niche Advice we recognise the need for a re-bridge is often the best solution. A re-bridge involves switching Bridging Lenders and if this is purely to extend the term on the current amount of borrowing you have we will NOT charge a broker fee.
Niche Advice is a credit broker that arranges all types of borrowing and does NOT charge for straight pound for pound balance transfers on re-bridges