Bridging loans

Why would you choose a bridging loan?

Bridging loans are short-term, usually lasting just 12 months. So you may choose one if you only need money temporarily – perhaps to sort out a cashflow problem, or because you're intending to turn around a project quickly.

And bridging loans can often be arranged more quickly than a typical fixed-term loan or mortgage – so a bridging loan can give you the cash you need while waiting for longer-term borrowing to be arranged.

How do Together bridging loans work?

A Together bridging loan lasts for an agreed term – typically 12 months. We provide the loan you need, and you pay it back before or when the term ends.

You'll be charged interest each month. Depending on what type of Bridging loan you have, you can choose capital and interest repayments each month, repaying on an interest-only basis, or roll up payments and add these to the lump sum. So if you repay the lump sum before the term ends, you may be charged less interest in total.

Any fees associated with the loan can be added to the lump sum as well.

How do you decide my interest rate?

The rate you're offered may be influenced by several factors, including:

• What you're using the Bridging loan for.
• The type and value of the property you're using to secure the loan.
• How much you need to borrow (both in total, and as a percentage of your property's value).
• Whether you have any other loans secured against the property, that won't be repaid by this loan.
• Your credit history (but not your credit score).