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You are here: Home / Bridging Loans / Re bridge without being charged a broker fee

by Payam Azadi

Re bridge without being charged a broker fee

Are you looking to re-bridge without being charged a broker fee – if so you are reading the right article.

bridging finance

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.

• 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

Contact us
Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
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Filed Under: Bridging Loans

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

Our Fees

Click here for our fees structure. A full detailed fee plan will accompany all our quotes.

Niche Advice Limited has a commercial arrangement under an affiliate programme with Check My File and is remunerated for referrals.

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If you wish to register a complaint, please write to us on the details below or call us on: 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

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