This article explores Together Money’s bridging loans, including their key features, benefits, and application process, to help you determine if they’re the right choice for your next project.
Why Choose Together Money for Bridging Loans?
- Quick Funding: Ideal for time-sensitive transactions like auction purchases.
- Flexible Terms: Customised loan agreements that suit various property strategies.
- Inclusive Lending: Willingness to consider borrowers with imperfect credit histories or unique financial circumstances.
Whether you’re an investor, landlord, or developer, Together Money’s bridging loans provide the adaptability you need to seize opportunities.
What Do Surveyors Look for in a House Survey?
During a survey for home purchase, a surveyor will assess various aspects of the property’s condition. Key areas of concern include:
- Structural integrity – Checking for cracks, subsidence, and signs of movement.
- Roof condition – Inspecting for missing tiles, leaks, or damaged flat roofs.
- Damp and mold – Assessing internal and external signs of moisture damage.
- Drainage and plumbing – Looking for faulty pipes, leaks, or poor water flow.
- Electrical systems – Identifying outdated or unsafe wiring.
- Insulation and energy efficiency – Reviewing windows, loft insulation, and EPC ratings.
- Invasive plants – Check for Japanese knotweed, which can cause property damage.
Key Features of Together Money Bridging Loans
1. Loan Amounts
Together Money offers bridging loans tailored to your needs, with amounts based on the property value and purpose of the loan.
2. Loan Terms
Up to 12 Months: Perfect for short-term financing needs, with the flexibility to repay earlier without penalties.
3. Interest Rates
Monthly interest rates are competitive and vary based on the borrower’s profile and property type.
Choose between monthly interest payments or rolled-up interest, added to the loan balance and repaid at the end of the term.
4. Loan-to-Value (LTV)
Maximum LTV of up to 70%, allowing you to access substantial funds while retaining equity.
5. Property Types Supported
- Residential properties.
- Semi-commercial and commercial properties.
- Land acquisitions and development projects.
6. No Early Repayment Charges
How to Apply for a Together Money Bridging Loan?
Step 1: Initial Consultation
Step 2: Submit Your Application
Provide necessary documentation, including:
- Details about the property to be financed.
- Your financial background and credit history.
- A clear exit strategy (e.g., refinancing or selling the property).
Step 3: Valuation and Assessment
Step 4: Approval and Funding
How to Arrange a Survey When Buying a House?
Booking a survey is a straightforward but essential step when purchasing a property. Here’s how to do it:
- Choose the right type of survey – Consider the property’s age and condition to determine whether a Condition Report, HomeBuyer Report, or full Building Survey is necessary.
- Hire a qualified surveyor – Look for an RICS-accredited professional to conduct the survey.
- Book the survey early – Surveys can take a few weeks to schedule, so arrange one as soon as your offer is accepted.
- Review the report carefully – Once received, go through the findings and consult your surveyor for clarification if needed.
Key Takeaways
A house survey is a crucial step in the buying process, helping you identify potential issues, negotiate repairs, and make an informed decision. Whether your survey reveals no concerns or uncovers major repairs, knowing what happens next ensures a smooth path to completion.
If you’re planning to buy a property and need guidance on financing options—especially for auction purchases—Auction Finance provides expert solutions to help you move forward confidently.
FAQs
Ans: A house survey is conducted by a qualified surveyor, usually accredited by the Royal Institution of Chartered Surveyors (RICS) or the Residential Property Surveyors Association (RPSA). You can arrange a survey through your mortgage lender, estate agent, or by hiring an independent surveyor.
Ans: To arrange a survey:
- Choose the right type of survey (Condition Report, HomeBuyer Report, or Building Survey).
- Find an RICS or RPSA-certified surveyor.
- Get a quote and confirm the surveyor’s availability.
- Book the survey and arrange access to the property via the estate agent.
Ans: The time needed for a house survey depends on its type:
- Condition Report – A couple of hours
- HomeBuyer Report – 90 minutes to 4 hours
- Building Survey – Around 8 hours
The survey report is usually delivered within 3-8 working days, depending on the survey type.
Ans: If your house survey highlights issues, you should:
- Understand the severity of the problems.
- Get repair estimates from independent contractors.
- Negotiate with the seller for repairs or a price reduction.
Consider whether the issues are deal-breakers or manageable with the right fixes.
Ans: Yes, if significant issues are found, you can use the survey report to negotiate a lower price or request the seller to fix the issues before completing the purchase. The success of negotiations depends on the seller’s willingness and market conditions.
Ans: Although newly built homes come with warranties (such as NHBC or LABC), it’s still advisable to get a snagging survey to identify defects that the builder should fix before you move in.
Ans: A mortgage valuation survey is different from a home survey. It is conducted for the lender’s benefit to confirm the property’s value. If the valuation is lower than your offer, you may need to renegotiate the price or increase your deposit to cover the difference.
