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.”