santander bridging loans

Who are Santander, and what do they do?

Founded in 1857 and based in Madrid, Santander entered the UK market in 2004 and has since amassed 14 million active customers, offering them a wide range of financial services. The organisation has helped its customers by lending £175 billion in UK mortgage loans and over £23 billion in corporate loans.

Does Santander offer bridging loans?

Santander bridging loans can help customers buy property before their previous one sells; this means you don’t have to let your dream property slip through your fingers. Both individuals and businesses can get a Santander bridging loan; the main difference between the two is, if you’re buying on behalf of a business, your loan will be unregulated.

You can apply for a bridging loan directly through Santander, or you can compare alternative lenders in our directory. Compare lenders now.

What do Santander’s interest rates look like on bridging finance?

To give you a rough idea of what to expect, most lenders charge interest between 0.4% and 2%. But bridging loans differ from traditional loans in that lenders don’t charge APR. Instead, they charge monthly interest — making a bridging loan an expensive option if you need it for a long time.

So when you’re comparing lenders, be sure to check the difference in interest rates, as a small change could significantly increase your total loan repayments.

Let’s say your loan amount is £100,000, and you want it over a six-month period. With an interest rate of 1.3%, your monthly interest is £1,300, so your total repayment amount would be £107,800.

Use our bridging loan calculator to work out your total repayments.

What do I need to get a bridging loan with Santander?

Unlike other lenders, bridging finance lenders aren’t too focused on your credit score or credit history because the loan is secured against your property, so there’s less risk involved for the lender.

Just like any high street bank, Santander will need you to submit a clear exit plan so they can see how you plan to repay the loan. You’ll also need to have a UK-registered address, be aged 18 or over, and they’ll need proof of income.

How do I apply, and how easy is the process?

Usually, applying for a bridging loan is relatively straightforward. Before you apply, you need to work out just how much you need to lend and the term you need it for. Then you can start comparing lenders to find the best deals on the market.

You can apply directly through the lender of your choice, where they will guide you through the application process.

How long does the application process take, and when do I get the money?

It can take anywhere from a few hours to a few weeks to get your conditional offer from a lender. The time it takes depends on your circumstances and whether your bank needs any additional information to help process your application. That’s why it’s essential that you research what you need to know before you apply; the better prepared you are, the quicker the process will be.

By applying through a specialist bridging finance lender, their expertise can help the process move faster as they’ve processed many applications just like yours before.

Does Santander offer any specialist bridging options for things like property, business, etc.?

If you’re looking to renovate your property — buy a new kitchen, convert your loft etc., then there are plenty of loan options available to you. Santander offers customers and non-customers the chance to apply for a home improvement loan. However, if you’re not a Santander customer, you can’t apply for loans above £20,000.

If you’re a business looking for financial support, Santander offers a wide range of loan products to help you grow your business. From overdrafts to small business loans. Invest in your property business to scale it to the next level.

The advantages of a bridging loan with Santander

Santander was founded over 160 years ago, so it’s easy to see why customers might gravitate towards such an established business. And if you’re already a customer of Santander, you might feel more confident choosing them to provide your bridging loan — you might find it convenient to keep all your finances in one place.

But it can be difficult to secure a bridging loan from a high street lender as they’re less common than they once were. Instead, there are many specialist bridging finance companies that are quicker, more flexible and competitive when it comes to securing bridging loans.

Compare lenders.

The disadvantages of a bridging loan with Santander

It’s always recommended that you compare lenders before choosing the best fit, and that’s no different when it comes to bridging loans. If you go straight to Santander without seeing what else is out there, you could miss out on some great deals.

Because the online finance marketplace is so competitive now, there are so many finance providers you can choose from. Because of its competitive nature, you’re more likely to find a great deal.

What is the Bridging Loan Directory?

The Bridging Loan Directory is here to help you find the best alternative finance provider for your bridging finance. We pride ourselves on offering unbiased financial guidance for property developers. We’ve got an entire guide section for you to sift through at your leisure, so if you want to learn more about bridging loan interest rates or you need the latest information on Section 24, head over to our guide section.