A new bridging and buy-to-let combination mortgage deal with a joint application and underwriting process has been launched by UX Mortgages and bridging loan provider Tiuta.
The new ‘Dual’ product, designed for property investors who require funds for a swift acquisition, is believed to be the first to combine bridging and buy-to-let, with the bridging loan to be transferred into a remortgage as a longer term option.
Bridging finance, known for its speed, offers much faster time to completion than high-street lenders, which is mainly why this form of short-term finance is growing more popular.
The speed at which bridging finance can be implemented is the main reason for its use, as a bridging lender provides a real time solution to any potential funding gap by making available the required funding a purchaser needs to acquire property in as little as 24 hours.
Randeesh Sandhu, managing director of UX, commented: “Dual offers investors the peace of mind of a guaranteed mortgage and could potentially save purchasers thousands of pounds in interest compared with the traditional bridging model.”
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.