The procedure of Bridging loans with the UK High Street Banks


The applicants must follow the same application process for bridging loans as they are supposed to follow with the bridging loan companies.

Bank interest rates on bridging loans

The average monthly interest rates on bridging loans ranges from 0.4% to 2%. The interest is charged monthly, unlike APR. If the term duration is longer, you will have to pay higher interest; therefore, keep the term duration shorter to avoid higher interest.

Bridging Loan requirements

You are not supposed to provide a credit score if you are applying through banks; rather, they are more focused on the following:

  • A viable exit strategy, meaning how you will repay the loan
  • The applicant should be a resident of the UK or have a registered UK address
  • Must be over 18 years of age

How long will it take to get funds through the bank?

If your case is straightforward, you can get funding within days, and if it is complicated, it may take a bit longer, almost up to a few weeks.

Pros of taking bridging loans with Banks

There are some advantages if you are taking out loans with high street banks; these are as under:

  • After exiting from the bridging loan, you can line up a mortgage
  • Bank’s regular customers can get favorable deals
  • The UK also provides Bridging Loan Directory, which can help you find specialist bridging lenders in the UK.
  • All finances are in the same place. This can help you in developing a loyal relationship with the bank.

Cons of taking bridging loans with the banks

If you directly apply for the loan with Barclays, you can miss the other good opportunities on your way. Therefore, shopping around, comparing lenders, and choosing what suits you the best is recommended.

High street bank or a specialist bridging finance lender: Which is better?

Many high street banks in the UK prefer offering mortgages but also grant bridging loans for residential and commercial purposes. The bridging loan/p2p lending process through a bank can be stringent and sluggish, as they are not experts in this domain.

On the other hand, bridging finance / p2p lending companies offer flexible terms and instant service. Hence, it is recommended to take the help of an expert bridging finance provider if you want to take bridging loans for residential or commercial purposes.

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