The United Trust Bank is Allowing Bridging Products in Scotland

The United Trust Bank has very recently claimed that it will allow bridging products in Scotland.

For those that are unsure as what this is, a bridging loan is a loan that usually does not last very long. This loan can range anywhere from the low amount of two weeks, up to around two to three years. A bridging loan is sometimes named as a “Conveat loan” in the United Kingdom.

The most common use of a bridging loan (also known as a conveat loan), is to use this in order to support the finances of a business during an investment. Often a company might be going through a period where they need more investment in or some extra financial benefit to support them through a new chapter.

A bridging loan can also be used with property mortgage payments. A loan in the property term is to help property purchasers gain a new house whilst they are expecting to sell the house that they already live in. The interest on this loan is most commonly very high, as the term that they agree to is relatively short.

So, what could this mean by the United Trusted Bank allowing bridging in Scotland? This could mean that there is more opportunity for property owners to continue and grow their property ladder management. It could also mean that in Scotland there could be a higher growing interest in the property world as an overall investment to building they’re financial portfolio. Whatever the outcome is, this will definitely conclude with us seeing new loans from the United Trust Bank. So, this will be a benefit for them financially.

Are you interested in a bridging loan or any other loan right now? Why not let us know what loan you after and we will find you the best rates and walk you through the process!

Original source: www.https://www.mortgagestrategy.co.uk/news/utb-extends-bridging-to-scotland/

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