Bridge-to-let finance
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In the dynamic world of property investment, speed and flexibility often make the difference between capitalising on a great opportunity and missing out. That’s where bridge-to-let finance comes into play. Providing quick access to funds, it enables investors to purchase properties swiftly, renovate them if necessary, and then switch to a more traditional, long-term mortgage once the property is ready to let.
This article offers a deep dive into the world of bridge-to-let mortgages, exploring what they are, how they work, their benefits, drawbacks, eligibility criteria, application process, and much more. Whether you’re a seasoned property investor or just starting out, understanding bridge-to-let finance could be a valuable addition to your investment strategy toolkit.
A bridge-to-let finance or mortgage is a specific type of short-term loan designed for property investors and landlords in the UK. It’s often used when the property is not suitable for a traditional buy-to-let mortgage due to its condition or if there’s a need for quick completion.
The “bridge” part of the term refers to a bridging loan, which is a short-term loan intended to ‘bridge’ a gap in financing for a property until a longer-term solution can be arranged. The “to-let” part implies that the ultimate goal is to rent the property out.
Here’s how it works: initially, the property investor obtains a bridging loan to purchase a property that requires renovation or refurbishment. Once the necessary improvements have been made and the property is fit for purpose, the loan can then be converted into a standard buy-to-let mortgage. The property can then be rented out, and the rental income can be used to pay off the buy-to-let mortgage over a longer term.
This type of finance is beneficial in cases where speed is of the essence, such as at property auctions or for refurbishment projects where the property would not initially meet the criteria for a traditional mortgage. However, it’s important to note that the interest rates on bridging loans are typically higher than those for traditional mortgages, and there can be additional fees involved.
A bridge-to-let mortgage or finance functions as a two-stage financing process, beginning with a bridging loan and then transitioning into a long-term buy-to-let mortgage.
Here’s a step-by-step breakdown of how this works:
Apply for the loan: You’ll need to apply with a lender who offers bridge-to-let financing. This might be a specialist lender rather than a traditional high-street bank. The lender will assess your proposal, looking at the potential rental income from the property, the condition of the property, the proposed improvements, and your own financial circumstances.
Getting a bridging loan: Once your application is approved, you will get the bridging loan. This loan is used to purchase the property quickly. This is particularly useful for properties sold at auction where you have a limited time to complete the purchase.
Renovation period: You then have a period of time to complete any renovations or improvements to the property. This period can vary depending on the terms of your loan and the extent of the work required, but it’s typically between a few weeks and a few months.
Transition to buy-to-Let mortgage: Once the property is renovated and ready to be let out, the lender will re-assess the property. If it meets the criteria for a buy-to-let mortgage, the bridging loan will be converted into a buy-to-let mortgage.
Rent out the property: You can then rent out the property and use the rental income to pay off the buy-to-let mortgage over a longer term, typically 15-30 years.
Loan Repayment: Over time, you repay the buy-to-let mortgage, eventually leading to you owning the property outright.
As with any kind of borrowing, it’s important to consider the risks. Bridge-to-let financing typically has higher interest rates than traditional mortgages, and there can be extra costs and fees. If the renovation takes longer than expected or costs more than budgeted, or if you can’t get a tenant, you could run into financial difficulty. Therefore, it’s essential to plan carefully and consider all possible outcomes.
A bridge-to-let mortgage can be useful in several scenarios, particularly in real estate situations where quick action or substantial property renovations are required. Here are some instances when you might consider using a bridge-to-let mortgage:
Property auctions: If you’re purchasing a property at an auction, a bridge-to-let mortgage can be beneficial as these sales often require fast payment – typically within 28 days. Traditional mortgages can take a long time to arrange, but a bridging loan can often be set up within a few days.
Renovation projects: If the property you wish to purchase needs significant renovation before it can be rented out, a bridge-to-let mortgage could be a suitable option. The bridging loan allows you to acquire the property and carry out the necessary renovations. Once the work is completed, the property should qualify for a regular buy-to-let mortgage, at which point the loan can be converted.
Chain breaking: If you’re in a property chain where the sale of your new property depends on the sale of your old one, and there’s a delay, a bridging loan can help you ‘bridge’ that gap, allowing you to proceed with the purchase. Once your old property sells, you can repay the bridging loan or convert it into a buy-to-let mortgage if you plan to rent out the new property.
Quick completion: If for any reason you need to complete a property purchase quickly – for instance, if the seller needs to close quickly, or if there’s a lot of competition for the property – a bridge-to-let mortgage can enable you to do this.
Property development: If you’re a property developer and you see potential in a property but don’t have the immediate funds for purchase and renovation, a bridge-to-let mortgage can be an ideal solution.
Remember, bridge-to-let mortgages carry higher interest rates than traditional mortgages, so they should be considered as a short-term finance solution. It’s important to have a clear exit strategy in place, usually either selling the property or transitioning into a standard buy-to-let mortgage. You should always seek financial advice before making such decisions to ensure that it’s the right move for your specific situation.
Acquiring bridge-to-let finance involves a series of steps. Here’s a step-by-step guide on how you can obtain it:
Plan your project: First, ensure you have a clear idea of the property you want to invest in, the amount of work needed if it requires renovation, and the potential for its rental or resale value. Having a clear plan will not only make the application process smoother, but it’ll also help convince lenders of your proposal’s viability.
Research lenders: Start researching lenders who offer bridge-to-let finance. This could be specialist lenders or certain banks. It’s important to compare the interest rates, terms, fees, and conditions of different lenders.
Seek expert advice: It can be beneficial to seek advice from a mortgage broker or financial advisor who has experience with bridge-to-let finance. They can provide you with invaluable advice, help you find the best deals, and assist you in navigating the application process.
Prepare your application: Gather all the necessary documents. This typically includes proof of income, identification, details of the property, a plan for renovation (if applicable), and an exit strategy (how you plan to repay the loan). Some lenders may also require evidence of experience in property development or being a landlord.
Submit your application: Once you have all the documentation, you can submit your application. The lender will then assess your application, which may involve a credit check and a property valuation.
Approval and funds disbursement: If your application is successful and meets the lender’s criteria, you’ll receive the bridging loan. This can often be arranged more quickly than a traditional mortgage.
The exact eligibility criteria for a bridge-to-let mortgage or finance can vary depending on the lender, but there are some common factors that most lenders will consider:
Age: Many lenders have a minimum age requirement, typically at least 18 or 21 years old, and an upper age limit, which might be 75 or 80 at the end of the mortgage term.
Income: You need to demonstrate that you have a steady income or sufficient savings to cover the bridging loan’s interest payments. Some lenders may also require proof of income to cover the eventual buy-to-let mortgage.
Credit history: Lenders will look at your credit history to assess your reliability as a borrower. Bad credit may not necessarily disqualify you, but it might limit your options or lead to higher interest rates.
Property value: The property’s value plays a significant role in determining how much you can borrow. Typically, lenders will lend a percentage of the property’s value, known as the loan-to-value (LTV) ratio. This could be up to 75% or even 80% in some cases.
Exit strategy: Lenders will want to see a clear exit strategy, i.e., how you plan to repay the loan. This could be through selling the property, refinancing with a standard buy-to-let mortgage, or repaying from other income or capital.
Experience: Some lenders prefer borrowers who have prior experience in property development or as a landlord, though this is not always a requirement.
Property condition: The property’s current condition and the plans for its renovation (if applicable) will be considered. The lender will need to be confident that the property will meet the criteria for a buy-to-let mortgage once any necessary work has been done.
Rental demand: The potential for the property to generate rental income will be considered. This could involve looking at local rental market conditions and rental yield projections.
Always check with potential lenders about their specific eligibility criteria and requirements. And remember, getting professional advice from a financial advisor or mortgage broker can be beneficial in navigating this process.
While technically, anyone can apply for bridge-to-let finance, not everyone will be approved. This type of loan is generally designed for property investors, developers, and landlords rather than first-time homebuyers or individuals looking to purchase their primary residence.
The eligibility criteria can be quite strict, as lenders need to be sure that the borrower has the ability to repay the loan. Lenders typically look at factors like the borrower’s age, income, credit history, property value, proposed renovation plans (if applicable), exit strategy, and sometimes even experience in property development or management.
Here are some of the types of people who typically apply for bridge-to-let finance:
Property developers: Developers often use bridge-to-let loans to quickly secure a property that needs significant renovation or redevelopment. After completing the work, they can then either rent out the property and convert the loan into a buy-to-let mortgage or sell the property to repay the loan.
Landlords and buy-to-let investors: Landlords and investors use bridge-to-let finance to expand their portfolio quickly, particularly when a property is in high demand, and they need to act fast. They can then rent out the property and switch to a traditional buy-to-let mortgage.
Auction buyers: Properties at auction often need to be paid for quickly, typically within 28 days. A bridge-to-let loan allows buyers to do this, then refinance to a buy-to-let mortgage once they have possession of the property.
Chain break buyers: If a property chain breaks and a buyer needs to quickly secure funds to proceed with a purchase, a bridge-to-let loan can be useful. Once the original property sells, the bridging loan can be repaid or converted into a buy-to-let mortgage if the new property is to be rented out.
The amount you can borrow with a bridge-to-let mortgage will depend on several factors and can vary considerably between different lenders. Here are some of the factors that lenders typically consider when determining how much they’re willing to lend:
A number of specialist lenders and financial institutions in the UK offered bridge-to-let finance products. These types of loans are typically not found in mainstream banks but rather with lenders specialising in short-term and property investment loans.
Some potential lenders could include:
Please note that the terms, conditions, and interest rates offered can vary significantly between different lenders. Therefore, it’s essential to do your own research, comparing the deals available, and consider using a mortgage broker or financial advisor who can help find the most suitable lender and product for your individual circumstances.
Yes, a deposit is usually required when you take out a bridge-to-let mortgage. The deposit is typically a percentage of the property’s value. This is often expressed in terms of the Loan-to-Value (LTV) ratio. For example, if a lender offers a maximum LTV of 75%, this means they will lend up to 75% of the property’s value, and you would need to provide the remaining 25% as a deposit.
The exact deposit amount can vary depending on the lender, your financial circumstances, and the specifics of the property and project. In general, the greater the deposit you can provide, the lower the risk for the lender, which can help you secure more favourable loan terms.
It’s important to keep in mind that bridge-to-let mortgages typically have higher interest rates and fees than standard residential mortgages, given the short-term and often riskier nature of the loan. Therefore, it’s crucial to carefully assess your financial situation and potential return on investment before proceeding with a bridge-to-let mortgage.
Calculating the potential return on your bridge-to-let investment can be somewhat complex due to several variables involved. However, you can get a rough estimate by considering several key factors:
Purchase Price: This is the amount you’ll be paying to acquire the property.
Renovation costs: If the property needs refurbishing or renovation, factor in these costs. Make sure to include costs for materials and labor, and any necessary permissions or licenses. It’s a good idea to add a contingency budget for unexpected expenses.
Financing costs: Include the cost of your bridge-to-let finance. This includes the interest you’ll pay on the bridging loan, arrangement fees, and any other related costs.
Running costs: Consider the costs of owning and managing the property. This includes property taxes, insurance, utility bills (if you’re covering them), and maintenance costs.
Rental income: Estimate the rental income you expect to receive once the property is let. Look at similar properties in the local area to get an idea of what you might be able to charge.
To calculate a basic Return on Investment (ROI), you can use the following formula:
ROI (%) = (Net Profit / Total Investment) * 100
Where:
Net Profit = Total Rental Income – (Purchase Price + Renovation Costs + Financing Costs + Running Costs)
Total Investment = Purchase Price + Renovation Costs + Financing Costs + Running Costs
Keep in mind this formula gives a simple ROI based on one year’s rental income. If you’re planning on holding the property longer, you might want to consider a more sophisticated calculation that takes into account rental income over multiple years, potential property value appreciation, and the costs of eventually selling the property.
It’s also important to note that this is a very simplified calculation. Property investment can be risky, and there are many potential variables and unexpected costs. It’s always a good idea to seek advice from a financial advisor or property investment specialist when making these kinds of calculations and decisions.
Bridge-to-let finance typically comes with higher interest rates compared to traditional residential or buy-to-let mortgages. This is due to the short-term nature of the finance and the typically higher risk associated with the types of property projects these loans are used for.
Bridge-to-let interest rates typically ranged from around 0.8% to 1.9% per month, depending on the lender, the specifics of the loan, and the borrower’s circumstances. It’s important to remember that these are monthly rates, and the annual rate would be significantly higher.
In addition to the interest rate, there may be other costs associated with the loan. These can include arrangement fees, valuation fees, legal fees, and potentially exit fees when you repay the loan or switch to a buy-to-let mortgage.
Because of the significant costs associated with bridge-to-let finance, it’s typically used as a short-term solution until a more traditional and cost-effective form of financing can be arranged.
Obtaining the best rates for a bridge-to-let mortgage involves several key steps and considerations:
Credit Score: Maintain a good credit score. Lenders view applicants with good credit scores as less risky and, therefore may offer better interest rates. Ensure your credit report is accurate and up-to-date, and address any issues or discrepancies.
Income and Financial Stability: Lenders look for stability and reliability. Regular income, stable employment, and a solid financial history can help you secure better rates.
Experience: If you’re an experienced property investor or landlord, you may be able to secure better rates, as you’re considered a less risky borrower.
Size of Deposit: The more you can put down as a deposit, the less the lender has to lend, and the lower their risk. This can often translate into better rates for you.
Property Value and Condition: The value of the property and its condition can impact your rates. A property in good condition in a desirable location is likely to attract better rates.
Shop Around: Don’t just accept the first offer you receive. Different lenders offer different rates, so it’s important to shop around and compare the terms offered by different lenders.
Use a Broker: A mortgage broker has access to a range of lenders and can help you find the best rates available for your circumstances. They can also provide advice and guide you through the application process.
Negotiate: Don’t be afraid to negotiate with lenders. If you’ve received a better offer elsewhere, let them know – they may be willing to match or even beat it.
The cost of a bridge-to-let mortgage consists of several components and can vary greatly depending on the specifics of the loan and your personal circumstances. Here are some of the main costs you’ll likely encounter:
Interest: The interest on bridge-to-let loans is usually charged monthly and is typically higher than the interest on standard mortgages. Interest rates usually ranged from about 0.5% to 1.5% per month. Keep in mind that these are monthly rates, so the annual rate would be significantly higher.
Arrangement fee: This is a fee charged by the lender for setting up the loan. It’s typically around 1-2% of the total loan amount.
Valuation fee: The lender will need to have the property valued to ensure it provides sufficient security for the loan. The cost of this valuation will depend on the value of the property but could range from a few hundred to several thousand pounds.
Legal fees: You’ll need to pay for legal advice to ensure you understand the terms of the loan. Legal fees can vary depending on the complexity of the transaction.
Broker fees: If you’re using a broker to help arrange the loan, they may charge a fee for their services. This can be a fixed amount or a percentage of the loan amount.
Exit fees: Some lenders charge a fee when you repay the loan or switch to a buy-to-let mortgage. This can be a significant cost, so it’s important to check this in advance.
There are several advantages to using a bridge-to-let mortgage, particularly for property investors and landlords. Here are some of the key advantages:
Speed: One of the main advantages of bridge-to-let finance is the speed at which funds can be made available. Traditional mortgages can take several weeks or even months to arrange, but bridging loans can often be set up in a matter of days. This can be crucial if you need to complete a property purchase quickly, for example, at an auction.
Flexibility: Bridge-to-let loans are typically more flexible than traditional mortgages. They can be used for a wide range of property types and conditions, including properties that may not be eligible for a traditional mortgage. They can also be structured to meet your specific needs, for example, with interest being ‘rolled up’ and paid at the end of the term.
Transition to long-term finance: A bridge-to-let loan provides a way to quickly secure a property and then transition to a more traditional and typically cheaper buy-to-let mortgage once the property is suitable for letting. This can be particularly useful for ‘fixer-upper’ properties that need work before they can be let.
Allows for property development: If you’re planning to renovate or develop a property before letting it out, a bridge-to-let loan can provide the funds needed for the purchase and works, with the transition to a buy-to-let mortgage providing longer-term finance once the property is ready.
No monthly payments: In some cases, lenders will allow all the interest to be rolled up into a lump sum that’s paid when the loan is repaid. This can help with cash flow as there are no monthly interest payments during the term of the loan.
While a bridge-to-let mortgage can provide a flexible and quick source of funding for property investment, it also comes with several potential drawbacks. Here are some of the key disadvantages:
High-interest rates: Bridge-to-let loans typically have much higher interest rates compared to traditional mortgages. While these loans are meant to be short-term, if your exit strategy fails and you end up needing to keep the loan for longer than expected, the costs can quickly add up.
Fees: There can be numerous fees associated with bridge-to-let loans, including arrangement fees, valuation fees, legal fees, and potentially exit fees. These can significantly add to the overall cost of the loan.
Risk of property loss: As with any secured loan, if you fail to repay the bridge-to-let loan, the lender could take possession of the property to recover their money.
Dependence on exit strategy: Bridge-to-let finance relies on a clear and viable exit strategy – typically either selling the property or refinancing with a standard mortgage. If this falls through for any reason (for example, if the property value decreases or you can’t secure a mortgage), you could be left unable to repay the loan.
Regulation: Some types of bridging loans are not regulated by the Financial Conduct Authority (FCA). This can leave you with fewer protections if something goes wrong.
Complexity: Bridge-to-let loans can be more complex than standard mortgages. It’s essential to understand the terms and conditions fully, and you may need to seek professional advice.
The requirements to obtain a bridge-to-let mortgage can vary between lenders. While some lenders prefer borrowers to have prior experience as a landlord or property investor, others may be willing to lend to first-time landlords or investors.
While previous experience as a landlord or property investor can be beneficial in demonstrating your ability to manage a rental property and a renovation project, it’s not always a strict requirement. However, being a first-time landlord may limit the number of lenders willing to provide a bridge-to-let mortgage and potentially result in higher interest rates due to the perceived higher risk.
Yes, one of the main uses of bridge-to-let finance is to fund the purchase and renovation of a property. This type of loan can be particularly useful for properties that need significant work before they can be let out or sold, as traditional mortgage lenders often won’t lend on properties that are considered ‘uninhabitable’.
With a bridge-to-let loan, you can quickly secure the funds needed to purchase the property and carry out the necessary work. The amount you can borrow will typically be based on the value of the property and the estimated costs of the renovation.
Once the works are complete and the property is ready to be let, you can then transition to a more traditional buy-to-let mortgage, which will typically have a lower interest rate than the bridging loan.
Yes, having a clear and viable exit strategy is a crucial part of obtaining a bridge-to-let mortgage. Since this type of loan is a short-term financing solution, typically ranging from a few months to a couple of years, lenders will want to see that you have a plan in place to repay the loan at the end of the term.
Common exit strategies for a bridge-to-let mortgage include:
Sale of the property: If you’re planning to sell the property once it’s renovated or when the market conditions are favourable, the proceeds from the sale can be used to repay the loan.
Refinancing with a long-term mortgage: If your intention is to keep the property and rent it out, you might plan to refinance with a traditional buy-to-let mortgage once the property is ready to be let. In this case, you’ll need to ensure that you’ll meet the criteria for a buy-to-let mortgage, which will typically include the property’s rental income covering a certain percentage of the mortgage repayments.
It’s important to keep in mind that the success of your exit strategy may depend on factors outside of your control, such as market conditions and property values. Therefore, it’s wise to have a backup plan in case your primary exit strategy doesn’t pan out.
If you have a poor credit history, it may be more difficult to secure a bridge-to-let mortgage, but it is not necessarily impossible. Some lenders specialise in providing loans to borrowers with adverse credit histories and may still be willing to lend to you, depending on the specifics of your situation.
Here are a few things to consider if you’re seeking a bridge-to-let mortgage with poor credit:
Whether you need a bridge-to-let mortgage depends on your specific situation and goals. This type of loan can be a useful tool for property investors, but it’s not suitable for everyone. Here are a few scenarios where a bridge-to-let mortgage might be beneficial:
Fast purchase: If you need to secure a property quickly, for example at auction or if there’s a risk of losing out to another buyer, a bridge-to-let loan can provide the funds needed in a shorter timeframe than a traditional mortgage.
Renovation or development: If the property needs significant work before it can be let out or sold, a bridge-to-let loan can provide the funds for both the purchase and the renovation works.
Unmortgageable properties: If the property is currently considered ‘uninhabitable’ and therefore not eligible for a traditional mortgage, a bridging loan can be used to purchase the property and finance the necessary works. Once the property is ready to be let, you can then transition to a traditional buy-to-let mortgage.
Cash flow management: Some lenders allow you to ‘roll up’ the interest on a bridge-to-let loan and pay it at the end of the term, which can help with cash flow management during the term of the loan.
However, bridge-to-let finance typically comes with higher interest rates and fees than traditional mortgages, and it’s crucial to have a clear and viable exit strategy to repay the loan at the end of the term. It’s also worth considering other options, such as buy-to-let mortgages, development finance, or personal savings.
If you’re unsure whether a bridge-to-let mortgage is the right choice for your situation, it can be beneficial to speak with a financial advisor or mortgage broker. They can provide advice tailored to your specific circumstances and help you understand the options available to you.
Applying for a bridge-to-let mortgage involves several steps. The exact process may vary between lenders, but here are some general steps you can expect:
Research and comparison: Before applying, it’s crucial to research different lenders, compare interest rates, and consider any associated fees. This research will help you find the best deal for your situation.
Seek professional advice: A financial advisor or mortgage broker can provide valuable advice, help you understand the terms and conditions of different bridge-to-let loans, and guide you through the application process.
Prepare financial documentation: You’ll need to gather relevant financial documents. These usually include proof of income, bank statements, proof of identity, and details of the property you intend to purchase. If you’re planning to renovate the property, you may also need to provide a budget and timeline for the works.
Application: The application process will vary between lenders. Some may allow you to apply online, while others might require a face-to-face meeting or telephone interview. During the application process, you’ll need to provide the financial information gathered earlier.
Property valuation: The lender will arrange for the property to be valued. This helps them determine how much they’re willing to lend you.
Approval and terms: If your application is approved, the lender will provide the terms of the loan. Review these carefully and make sure you understand all the details before accepting.
Legal process: Once you accept the loan terms, a solicitor will typically handle the legal side of things. This will likely involve conducting a title search on the property, liaising with the lender’s solicitor, and setting a date for the completion of the purchase.
Funds released: Once all the legal work is done, the lender will release the funds. Depending on the agreement, this may be in stages or as a lump sum.
Repayment: You’ll then need to repay the loan according to the agreed terms. This will usually involve either selling the property or refinancing with a long-term mortgage.
Bridge-to-let brokers are professionals who specialise in this specific type of property finance. They can provide valuable advice and guidance throughout the process. Here are some common pieces of advice you might hear from a bridge-to-let broker:
Understand the product: It’s crucial to understand what a bridge-to-let mortgage is, how it works, and its associated costs. These loans typically have higher interest rates and fees compared to traditional mortgages, so you need to ensure it’s the right product for your situation.
Have a clear exit strategy: Bridge-to-let mortgages are a short-term financing solution, so you’ll need a clear and viable exit strategy to repay the loan at the end of the term. This typically involves either selling the property or refinancing with a traditional mortgage.
Evaluate your financial situation: Before applying, you should evaluate your current financial situation and ensure you can afford the loan repayments. If you fail to repay the loan, the lender could repossess the property.
Assess the property and project: The value and condition of the property, as well as the scope and cost of any planned renovation works, will have a significant impact on how much you can borrow and the terms of the loan. You should have a realistic budget and timeline for your project.
Shop around: Different lenders offer different terms, interest rates, and fees, so it’s worth shopping around to find the best deal. A broker can help with this, as they have access to a range of lenders and can negotiate on your behalf.
Get professional advice: Bridge-to-let finance can be complex, and it’s important to get advice from professionals who understand the product and the market. This might include a mortgage broker, financial advisor, solicitor, and potentially a property surveyor or architect if you’re planning significant renovation works.
In principle, yes, a bridge-to-let mortgage could be used to purchase a holiday-let property. However, it will depend on the specific terms and conditions set by the lender. Some may have restrictions on the type of properties they will lend against, and holiday lets can be seen as higher risk due to their potentially variable income. After the initial bridging period, you would then need to refinance with a holiday let mortgage rather than a standard buy-to-let mortgage. As with any financial decision, it’s advisable to consult with a mortgage broker or financial advisor to explore your options and find a solution that suits your individual circumstances.
If you fail to repay a bridge-to-let mortgage within the agreed term, the consequences can be serious. This is a type of secured loan, which means the property serves as collateral. If the loan isn’t repaid, the lender has the right to take possession of the property in order to recover their money through a process known as repossession.
Once the lender has repossessed the property, they will typically sell it to recoup their funds. If the sale doesn’t cover the full loan amount, you may still be liable for the remaining balance. It’s also important to note that the repossession process can have significant negative impacts on your credit score.
That’s why it’s crucial to have a clear and realistic exit strategy in place before taking out a bridge-to-let mortgage and to seek advice from a financial advisor or mortgage broker if you’re struggling to meet your repayments.
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