According to a poll carried out by Castle Trust Bank and Knowledge Bank, 90% of brokers feel that bridge-to-let products can overcome any hesitance buy-to-let customers may have towards bridging finance.
Brokers were clear about the advantages bridging finance could bring to buy-to let-clients, by allowing them to access funds quickly in order to access new opportunities, however 28% of brokers stated that their clients were wary of short term finance. They all agreed that bridge-to-let finance products could alleviate all client concerns.
The buy-to-let property market continues to grow, with 64% of the poll participants noting that they had seen a significant increase in enquiries for buy-to-let and holiday let mortgages over the last three months.
Sales Director at Castle Trust Bank Rob Oliver, commented:
“Bridging finance often enables investors to access opportunities that they wouldn’t be able to fund with a mortgage at the outset. But some clients are hesitant when it comes to short term lending as they worry about the uncertainty and unknown costs if they are unable to secure a suitable exit in their anticipated timeframe. Bridge-to-let tackles these concerns head on, with a pre-agreed exit onto a buy-to-let mortgage, including the price, at the outset. It’s one application process that offers speed, efficiency, budget planning and peace of mind, so no wonder 90% of brokers agree it’s a great way to beat client concerns.”
Operations Director at Knowledge Bank, Matthew Corker, added:
“There’s strong demand from property investors at the moment, and many are looking at more specialist types of investment, such as HMOs, holiday lets and multi-units, which offer the potential for greater returns. Fortunately, there are lots of innovative options, like bridging loans, which enable investors to make the most of new opportunities, whilst also managing their own risk.”
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