Modern Living

Using Bridging Finance For A House Purchase

Cash is king and this is no more true today when buying a property. If you are in competition to buy a house and you are relying on the sale of an existing property to provide the funds then you may find you up against it when it comes to the competition. So how do you make sure you are in pole position when it comes to securing your dream property?

One way to make things happen fast is by using bridging Finance. Bridging finance is a short-term funding option. It is primarily used to ‘bridge’ a gap in funds, for a set time. Bridging finance is a short term loan, usually for 12 months or less, that can be used by individuals and businesses for any purpose, including commercial and residential property, until some form of permanent funding becomes available.

Residential bridging finance is secured against either the home you are buying or your existing home or both to facilitate the transaction when there is a gap between the sale and completion dates in a chain.

One of the main reasons the bridging loan differs to a regular loan is the time frame. It is generally much faster to apply for and receive a bridging loan; a regular loan can take months to complete.

What is bridging finance used for?

Bridging finance is designed to help in a number of different ways:

1. To help people to purchase a property before they have sold their existing home. This allows the borrower freedom to continue with the purchase while also having the flexibility to sell the property when convenient
2. It’s very useful for property developers as they are able to use the loan to purchase the space and make the necessary refurbishments before selling the property to pay off the loan
3. Bridging finance can also be useful for renovations and home conversions
4. Using Bridging Finance at a property auction can be incredibly useful as you’re often required to put down a large deposit within a short space of time. If you haven’t sold your existing property yet, bridging finance can provide you with the freedom to purchase the property rather than lose it to someone else
5. If there’s a need to complete the transaction quickly. This might include property developers, who often have the opportunity to secure a great deal if they can complete quickly
6. If someone would like to purchase an uninhabitable property as traditional lenders will not lend on a property that does not have standard living facilities, such as a kitchen or bathroom, and running water
7. It is very useful for people who are downsizing their property and therefore, don’t need a mortgage. Bridging finance allows people to buy a property before their existing property is sold. Allowing them the option to move faster

What does it Cost

While bridging finance can be very convenient, it’s not necessarily the cheapest way to borrow.

Typically,

• Bridging finance comes at a high interest rate, normally in the range of 1-1.5%, which is higher than other bank loans and mortgages
• Fees for bridging loans can be expensive. Fees are usually in the region of 1.5% and are normally taken out of the loan
• There is also the possibility of broker fees, valuation, legal fees and early exit fees

While there are many benefits to bridging finance, make sure it’s right for your situation before applying as you will be able to find a cheaper deal by using a regular loan.

Fixed and Variable Bridging Finance

Similar to mortgages, bridging finance can be provided at a fixed or variable rate.

1. A fixed rate means the same interest rate is applicable across the term of the loan, so each monthly payment will stay the same
2. A variable rate means that the interest rate may change, so your bridging loan payments could go up or down

During the application, you may be able to choose to ‘roll up’ your interest which means you don’t have to pay interest every month but instead pay the interest at the end of the term. This may suit borrowers who cannot make the monthly payments.

You can also choose to ‘retain’ the interest from the loan amount in advance, to cover the interest payments. However, interest will still be charged on this retained amount.

How do I get it?

From any reputable bridging finance broker with a proven track record with the following accreditations:

Once you’ve selected a regulated bridging finance broker, you can usually apply online by completing a form, although some providers may require that you come in to see them. Aside from your personal details, information they need could include:

• The purpose of the loan
• The property details on which the bridging loan will be secured
• Loan amount
• Term of the loan
• A detailed explanation of how you intend to repay the loan (sale of a property etc.)
• How much finance or mortgage you have outstanding

What can Bridging Finance offer?

1. A straightforward, short-term lending facility that can be obtained faster than a regular bank loan.
2. Options that can solve financing requirements on all types of residential and commercial property transactions
3. Another option when high loan-to-value (LTV) mortgage finance is not available
4. The sum of money you’re entitled to will depend on your personal circumstances and those of the lender but borrowing is typically between £25,000 – £10,000,000. They can also offer two kinds of repayment terms:

Closed bridge: This is when the date of the loan repayment has been confirmed. This would suit a borrower who has a known date of when they will receive their money, i.e. though the sale of a property and so know when they will be able to pay off their bridging finance.

Open bridge: The open bridge will allow a proposed time period with a clear cut-off point when the loan will have to be repaid but there is no specific date. This is better for people who know they will come in to money at a certain time but can’t commit to a fixed date.

In addition:

The lowest rate of interest and an interest payment plan to suit you. Bridging loans often come at a high interest rate and with several other fees attached. Make sure you research lenders to find one to suit you

Consider the amount of time you’re borrowing for, if you need a longer term option then bridging finance may not be for you

Look for a lender that has worked on similar projects as yours. This can speed up the borrowing process

Conclusion

Bridging finance has grown in popularity due to its flexible finance options, however, there are still many potential borrowers who aren’t aware of how useful bridging finance could be for their needs.

This type of finance is now used around the UK for a large range of investment opportunities. This includes: buying property at an auction, commercial development, property refurbishment and developing properties to sell on.

Many lenders are now offering bridging finance from smaller amounts to much larger amounts meaning borrowers are able to utilise them for a vast range of short-term projects.

While interest rates can be higher with bridging finance and overall they aren’t necessarily the cheapest option, they can be incredibly useful in a range of business and property projects which makes them a valid option for a growing number of people for a vast range of purposes.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Christmas Lights Around the World

How to Relearn Your Guitar at Home

Many people out there want to learn to play their guitar at home especially if they have something such as hellraiser 6, which is arguably one of the best guitars you can find on the market. Here are some tips to help you to become better at playing your guitar:

Тhе Іmроrtаnсе оf а Рrасtісе Ѕсhеdulе
Наvіng а wrіttеn рrасtісе sсhеdulе аllоws уоu tо rеаlіstісаllу аllосаtе јust thе аmоunt оf tіmе thаt уоu саn аffоrd tо sреnd оn рrасtісе. Еvеn thе busіеst sсhеdulе іn thе wоrld саn mоst lіkеlу аffоrd tо аllоt 15 mіnutеs, 4 dауs реr wееk tо рrасtісе. Тhіs mау nоt sееm lіkе а lоt, but соnsіdеr thаt 1 hоur реr wееk оf рrасtісе іs bеttеr thаn nо рrасtісе!

Rеgulаr аnd соnsіstеnt рrасtісе еquаls рrоgrеss! Тhе аddеd bеnеfіt іs, аs уоu рrоgrеss, уоu mау fіnd fоr ехаmрlе, thаt “ТV tіmе” bесоmеs lеss іmроrtаnt аnd рrасtісе tіmе bесоmеs mоrе frеquеnt аnd lоngеr іn durаtіоn.

Іf Yоu Ѕее Іt, Yоu Wіll Рlау Іt.
Тhіs tіmе аrоund, dо nоt kеер уоur guіtаr іn іts саsе оr tuсkеd аwау іn а сlоsеt. Аs оdd аs thаt sоunds, іf уоur guіtаr іs оn dіsрlау, уоu wіll bе muсh mоrе lіkеlу tо рісk іt uр аnd асtuаllу рlау! Іnvеst іn аn іnехреnsіvе guіtаr wаll hаngеr оr flооr stаnd аnd hоusе уоur guіtаr іn thе аrеа whісh уоu frеquеntlу оссuру.

Usе а Мultіmеdіа Rісh Guіtаr Соursе
І саnnоt оvеrstаtе thе іmроrtаnсе оf usіng а quаlіtу stер-bу-stер, multіmеdіа расkаgе. Оnе rеаsоn mаnу реорlе stор lеаrnіng guіtаr, іs bесаusе thе lеаrnіng рrосеss іs frаgmеntеd. Не оr shе mау rеlу sоlеlу оn frее іntеrnеt rеsоurсеs fоr thеіr guіtаr іnstruсtіоn mаtеrіаl. Тhе рrоblеm wіth thіs аррrоасh іs іt іs, аt bеst іnсоmрlеtе. Тhіs аррrоасh lеаvеs gаріng hоlеs іn thе lеаrnіng рrосеss аnd wіthоut а sоlіd fоundаtіоn, іt іs аlmоst іmроssіblе tо рrоgrеss bеуоnd а vеrу bаsіс lеvеl.

Ву utіlіzіng а quаlіtу stер-bу-stер guіtаr іnstruсtіоn рrоgrаm, уоu nоt оnlу еnsurе уоu аrе buіldіng а sоlіd fоundаtіоn, but уоu аrе аlsо rеduсіng thе frustrаtіоn lеvеl, whісh саn еаsіlу саusе sоmеоnе tо аbаndоn thе іnstrumеnt аnd subsеquеntlу gо оn thе hunt, уеt аgаіn, fоr rеsоurсеs tо rеlеаrn guіtаr.

Heating and Cooling

While some places require heating in winter, the same place might require cooling in the summer. This is true in the case of many of us. Sometimes, it might be difficult to maintain the proper temperature during all months. The only solution might be to have an air conditioning system to do the job for you. Most air conditioners work in such a way that you do not even have to think about regulating the temperature and this way you can focus on many other things that you are required to do in your house.

If you don’t have your heating needs sorted out before the winter season starts, all you have to do is to contact heating and air Columbus, have your air conditioner ready and start enjoying the perfect temperature in your house. Trying to regulate the temperature in your house on your own might be a complete waste of time.

It is not a secret that some winters are warmer while some of them are colder. If a winter is colder, it might be a good idea to use some heating. Even in states such as California or Texas people need to heat in their homes. They do not have to do it always, but the chances are that they might need to do it most of the days during winter. It is even more true in places such as Ohio where winters can be truly cold and where one cannot live without a proper heating system that works to some really high standards. When it comes to finding a heating service to take care of all your heating needs the heating service that i mentioned before is a place that might be good to start a search. No resident of Columbus should be deprived of heating services if such services are available to the public.

How to Find a Good Electrician

Many of us wonder sometimes what the definition of a good electrician is. We mostly tend to wonder about such things when we need to hire one for a job in our home . To put it in simple words, a good electrician is an electrician who knows his job and who knows what he is supposed to do when somebody calls him for help. Ideally, he will have tons of experience willing at all times to put it into practice so that he can serve his customers better thanks to it.

If you want to find an electrician whom you will want to call whenever you need him in the Greater London Area, it is better for you to find a suitable person once and start maintaining a good relationship with him as soon as possible. I am writing this, because I know that Static Electrical Services is a company that is willing to impress their new customers as well as maintain a good relationship with their existing clients. This means that they value their customers and that they are interested in long-term relationships that can last for many years.

When it comes to the services they offer, nothing is too difficult for this company. The secret to their success is that they have the proper training that allows them to perform their job perfectly, they have the right tools, and they have enough experience needed to complete every task. They specialize in a wide range of services, from equipment installation such as high-voltage factory equipment, to alarm systems installations. The company covers the needs of residential, industrial and commercial properties. As I said, nothing is too difficult for them and you can call them any time to make an appointment if you need a job done in the Greater London Area and St Albans to be more specific.

The Look Of Elegance Without The High Price

If you follow a few simple tips, you can have a luxurious look in the home without spending a lot of money. In order to have the luxury interior design that you see on television and in magazines, you simply need to concentrate on the small details instead of the larger aspects of the home. Keep the colors neutral so that the finer details can shine through, such as silver or gold accents on tables and on the walls.

Crown molding can give a luxurious look to any area of the home. If there is a space without this kind of accent, then it can often have a boring appearance. This is a piece that can blend the ceiling to the wall in a way that is elegant without spending a lot of money. There are a few different designs that you can find if you don’t want a basic trim. If the trim is of a wider design, then it can make the room look more expensive than a room that has a thinner design.

If you want to paint the room, then stick with neutral colors. A bright white hue or a natural shade tends to display more of a sophisticated look in the room. You can easily change accent colors with each season if you use white and other neutral colors as a base. Consider painting interior doors black as this will give an almost instant expensive look to the room.

Small accent pillows on the couch and chairs will also give a look of sophistication in the room. You don’t have to spend a lot of money on the pillows as most retail stores have beautiful designs and soft materials that don’t cost a lot of money. If you want to really go all out for a luxurious appearance, then get pillow covers that are 22 inches, stuffing them with pillows that are 24 inches in size. The overstuffed look is what will give you the design that you want for a luxurious feel to the space, and you can change the covers so that there are different colors and designs in the room during the year.