What is short term lending?
Short term lending is ideal for people who want to buy a new house but need the money quickly. They make sense if you’re buying a house at auction because you’ll need cash right away.
How does short term lending differ from a bridging loan?
Bridging loans are often used to bridge the gap between buying a house and selling an old one. But this type of loan is very expensive because of the high fees involved. Short term mortgages are interest-only loans, and there are no early repayments. Our products do not charge any fees. For more information about our short term loans, contact us on 07912 076990.
How long do short term mortgages last?
Short term loans are available in two-year terms. There are no ERCs or fees for early repayments. You can choose to extend your loan for up to five years. The longer you take out a short term loan, the higher the APR (annual percentage rate). This means that the total cost of your loan will increase.
Can I get a short term mortgage loan?
Anyone who applies for a short term mortgage must be able to afford to repay the loan. Lenders will also take into account your age, current earnings, and credit history. There may be some issues if you have a bad credit rating and you are applying for a shorter-term mortgage period.
Should you get a long or short term mortgage?
It always depends on you. If you can afford to pay higher interest rates and lower mortgage terms, you can apply for a short term mortgage.
