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Bridging Loan For Debt Consolidation

Consolidating debts with a single affordable debt consolidation loan can significantly reduce immediate and long-term outgoings. However, debt consolidation is a facility only to be considered following the receipt of sound financial advice, as not all debt consolidation loans work in the same way.

If you are interested in debt consolidation or would like to discuss the options available in more detail, book your obligation-free consultation with UK Bridging Loans today.

Debt consolidation process explained

Individuals, families, and businesses are frequently saddled with more debt than they can handle. Credit cards, personal loans, overdrafts, secured loans, auto finance, and other pleasures can quickly accumulate into serious debt.

If you find yourself unable to meet your repayment obligations, a debt consolidation loan can help you to regain control.

A debt consolidation loan pays down your existing obligations while replacing all (or most) of your prior loans, leaving you with only one to repay. The most significant advantage of a consolidation loan is the removal of several monthly payments in favour of one substantially cheaper monthly instalment.

If the interest rate payable on your consolidation loan is competitive, you also stand to save significantly on the long-term costs of your debts.


USE OUR ONLINE BRIDGING CALCULATOR

Debt consolidation can be beneficial at any time

Contrary to popular belief, you don't have to be drowning in debt to benefit from a competitive consolidation loan. If you are currently repaying multiple debts of any kind at elevated rates of interest, you could make significant savings by consolidating your debts. Strategic debt consolidation can minimise monthly outgoings, free up additional cash, and make it much easier to stay on top of your finances. It can also help ensure you preserve your credit score from damage, which may otherwise occur if your debts spiral out of control.

Debt consolidation loan qualification criteria

By their nature, debt consolidation loans are a popular facility for individuals and businesses facing financial difficulties. This is why many of the UK's leading debt consolidation specialists are happy to accept applications from individuals with a poor credit history or even a history of bankruptcy. Debt consolidation loans for bad-credit applicants can be just as competitive as the conventional variety. The key to getting the best deal, irrespective of your circumstances, lies in conducting a comprehensive debt consolidation loan comparison with the help of an independent broker.

Call UK Bridging Loans today

At UK Bridging Loans, we can help you choose the most appropriate option for a safe, simple, and manageable financial future. We specialise in debt consolidation loans with no credit checks required, which can be sourced from an extensive panel of specialist lenders across the UK or from our own funds. Use our convenient debt consolidation loan calculator for an overview of the available options, or call anytime for an obligation-free consultation.

How it works

get-in-touch
Get in touch

Clients approach UK Bridging Loans either directly or via introducers. Basic questions by way of a “fact-finding” process are used by UK Bridging Loans to determine if the lending requirements are a possibility.

home-valuation
Fast approval

An immediate yes or no answer is given, and if suitable, a quotation is formulated and forwarded to the client, usually by email.

fast-approval
Formal offer

A formal offer is produced for any client wishing to proceed and forwarded for signature, again, usually by email.

representative-visit
Representative visit

Each client is visited at the security address for the signature of the remaining loan paperwork, including a CH1 land registry charging order. We will also collect any additional pre-requested documentation.

underwriting
Dedicated underwriting

The signed documentation was immediately sent to our underwriters. Our model is based on very quick completions, as each deal is funded using all of our own money. On rare occasions, we may request additional information.

access-funds
Payment of funds

Average completion from initial acceptance to pay-out is usually just a few days. We rarely require valuations or additional legal representation. The land registry charge will be removed once the bridging loan is repaid.

Who can use bridging finance?

people

Age

The applicant could be too old to obtain a standard high-street mortgage, as most mortgage lenders now prevent borrowing beyond what is deemed “normal retirement age”.

property-condition

Property conditions

The property may be in a condition where it is not suitable for mortgage financing, and as such, a bridging loan could be used to complete the purchase and any required work prior to refinancing.

credit

Credit

The applicant may have had some adverse credit, however minor, which was previously acceptable to lenders but now no longer fits the high street lending criteria.

income

Income

The applicant may have difficulty proving the income requirements needed for more regular financing. This may be due to poor self-employment records, a break from work, a reduction in self-employed workloads, or overtime.

USP's

  • cloud Superfast completion, often within days
  • cloud Land, with or without planning
  • cloud 2nd charge (consent is not always required)
  • cloud Quick auction finance
  • cloud 3rd charge (consent is not always required)
  • cloud Adverse credit is considered
  • cloud 2nd charge behind the bridging lender
  • cloud 2nd charge behind the equity release lender
  • cloud Up to age 85
  • cloud Pure equity-based lending
  • cloud Residential and commercial
  • cloud Valuations are not always required
  • cloud Loans from £25,500
  • cloud A free legal option
  • cloud No monthly payments

Frequently asked questions

Does debt consolidation hurt your credit?
Debt consolidation can have a mild impact on your credit score in the short term. This is because it will result in a hard credit check, which can temporarily lower your score. However, the impact is typically not significant, and it can be outweighed by the benefits of debt consolidation, such as lower interest rates and a more manageable repayment plan.

Is it worth consolidating your debts?
Whether or not it is worth consolidating your debts depends on your individual circumstances. Debt consolidation can be a good option if:

Is £20k in debt a lot?
The amount of debt that is considered "a lot" depends on your individual circumstances. However, £20,000 is a significant amount of debt for many people. It is important to be realistic about your ability to repay this amount, and to seek help if you are struggling.

How much debt is normal in the UK?
The average UK household debt in 2023 is £50,000. This includes mortgage debt, credit card debt, and other unsecured debt. However, it is important to note that this is just an average, and some people have much more debt than this.

Bridging loan uses

Contact Details

pinBusiness Address: Office Block 2, Kibworth Business Park, Kibworth Harcourt, Leicestershire, LE8 0EX

callTelephone:  0116 366 6338

Opening Hours

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Fri: 9am-5pm

Sat: 10am-5pm

Sun: 11am-5pm


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