Mayfair Bridging offers four affordable payment options catering for all cash flow scenarios. Our account managers can advise you which option is most appropriate for your requirements.
Options include:
Monthly
Repayments are made monthly by standing order.
Retained Interest
This cash flow option is for clients who are unable to fund the monthly payments. Using the retained interest option allows clients to use the equity in the property to fund the interest which we can retain to the value of three months’ interest at completion.
Blended
This is a combination of the Monthly and Retained Interest options.
Rolled up
All interest can be rolled and added to the loan.
Regulated Contracts
For owner-occupied property or where the property is leased to an immediate family member we offer the following product:
Amount :
£25,001 – £500,000
Duration :
From 1 to 9 months
Purpose :
Any legal purpose
Location :
Property must be located in England or Wales
Leasehold properties:
Minimum term of 75 years
Age restrictions:
18-65 years
No exit fees.
No redemption penalties.
Arrangement Fee:
2%
Procuration:
1%
Legal fees:
£800 + Vat + disbursements (This fee is estimated and includes an assumed amount for disbursements and Vat at the current rate. The actual figure may be more or less than the one quoted on your KFI).
£461 for redemption.
Interest rate:
1.55% per calendar month (18.6% APR) (can be retained or paid monthly depending on affordability)
Admin fee:
£250
Valuation fee payable to the valuer prior to inspection of the property (non-refundable). This fee includes the cost of having any existing survey(s) re-addressed in favour of MBL. This fee is estimated and the actual figure may be more or less than the one quoted on your KFI.
You will also need to pay a fee to your own solicitors. You should contact your solicitors to find out when these fees would be payable and if all or any of them might be refundable.
Our Arrangement fee, Intermediary Firm’s fee and our solicitors’ fees shown above will be deducted from the bridging loan mortgage at completion unless you have already paid them in full.
Note: We only accept regulated contracts introduced to us by FSA regulated advisers on a purely advised basis.
Unregulated Contracts
Arrangement fee is charged at 2%.
The interest charged on our bridging loans is between 1% and 2.5% per calendar month.
All costs, retained monthly interest (if applicable), solicitors’ fees, searches and TT costs will be taken on draw down of the loan and the client will receive a reduced (net) figure.
