We’re currently seeing one of the busiest housing markets in over a decade as people rush to beat the Stamp Duty Land Tax (SDLT) deadline.
To help with this, for a limited time, we’re offering reduced fees for bridging and regulated bridging enquiries.
On average, house prices have increased by 3.5% over the past 12 months, and the first quarter of 2021 is set to record a property uplift of 100,000 additional sales before the end of March. Nottingham, Manchester and Leeds appear to be the most buoyant cities, with house prices increasing over the past year by 5.3%, 5.2% an 4.9% respectively.
However, it’s estimated that only half of the mortgages applied for in January will be completed before the deadline due to the large increase in both demand and volume of moves.
Bridging loans can provide quick funds to bridge the gap if a customer is seeing a delay with the purchase or the chain has broken with lost buyers. They work by allowing the customer to borrow funds to buy their new property, before selling the current one (you can read more here). This could allow the customer to buy their new property, save the stamp duty and then transfer the mortgage to a more traditional one once sold.
Paul Day, New Business Development Director at Clever Lending, said: “As there’s been such a high demand on brokers and lenders in the run up to the end of the Stamp Duty holiday, we’re offering a discount on our bridging fees.
“This will allow our brokers to secure finance for their customers who are experiencing delays with their property transactions and get them over the line before the end of March.
We have a dedicated in-house regulated bridging team who are happy to take on the advice process or package the case with the introducer giving the advice.”
To take advantage of our reduced bridging fees, give us a call on 0800 316 2224 or email firstname.lastname@example.org
*Data taken from Hometrack’s UK House Price Index Report for October 2020