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Bridging Loans for the Over 50s

Bridging Loan for Over 50s helps older borrowers secure short-term funding.

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Can I get a bridging loan aged over 50?

A bridging loan can be a great short-term finance solution for those aged 50+ looking to move or raise money quickly. Bring an independent mortgage broker, we can advise on all types of bridging finance.

Here are some of the reasons why those age 50+ require a bridging loan:

  • Chain breaking on a property purchase.
  • Move quickly to secure an ideal property.
  • Raise funds with speed.
  • Repay finance or another bridging loan.
  • Anything else?

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How long does a bridging loans take for the over 50s?

Bridging loans are designed with speed in mind and the funds can be available within a couple of weeks and monthly payments are not required.

A bridging loan is a short-term lending facility and is designed for lending solutions up to 24 months. The cost of the finance, which can be high, should be factored into the overall move or investment.

Often, bridging loans provide a great lending solution for more complicated situations for the over 50s.

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How does a bridging loan work for the over 50s?

Firstly, you’ll need an exit strategy, this can be from the sale of a property, encashing an investment/pension, inheritance, or a future remortgage.

The good news is that a bridging loan can be secured across multiple properties and assets allowing greater flexibility.

Due to the short-term nature of the loan, the fees are higher than with a traditional mortgage. You will need to pay arrangement fees, broker fees, and a higher interest rate on the funds.

An alternative product to a bridging loan is a secured loan which we will recommend where appropriate. Utilising the services of an independent mortgage broker, like us, will likely save you both time and money.

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Bridging Loans FAQs

Are bridging loans a good idea?

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Bridging loans can be a good idea under specific circumstances, such as when you need immediate access to funds to bridge a financial gap. They are particularly useful in scenarios like buying a new property before selling an existing one, funding a renovation project, or securing a quick business opportunity. However, they come with higher interest rates and fees compared to traditional loans, so they should be considered carefully.

How much does a bridging loan cost?

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Bridging loans can be expensive, however, they are a brilliant solution for the right customer. The set-up fees and interest rates can be higher than with a traditional mortgage, however, they are a short-term solution.

We advise our customers who are looking to purchase via a bridging loan to factor any bridging finance costs into the overall cost of the property to see if it’s viable.

Bridging finance is often used to purchase do-er upper properties at auction where a 28-day exchange is required.

Your bridging loan broker will run through all the associated fees before you apply to ensure your understanding.

How to get a bridging loan?

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It’s always best to get a bridging loan via a mortgage broker as this will save you time and money. Bridging finance is classed as specialist lending and many lenders only offer their products and deals via brokers. Due to the nature of the lending mistakes can be costly.

You’ll need to provide details of your assets and liabilities along with your income as part of the application process. You’ll need to have a plan in place to repay the loan, such as from the sale of a property or via a future remortgage.

Your mortgage broker will research the current deals available and recommend the best bridging loan for you based on your personal situation.

How quickly can I get a bridging loan?

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Bridging loans can be processed quickly compared to traditional loans. It is possible to receive funds within a few days to a couple of weeks, depending on the complexity of the application and the lender’s processes.

What are the typical terms for a bridging loan?

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Typical terms for a bridging loan include:

  • Loan Term: Usually ranges from a few weeks to 12 months.
  • Loan Amount: Can vary widely, often starting from £25,000 up to several million pounds.
  • Repayment: Can be interest-only with the principal repaid at the end of the term, or rolled-up interest where the total interest is paid at the end along with the principal.

What are the interest rates on bridging loans?

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Bridging loan interest rates are usually higher than with traditional mortgage lending. Due to the speed of the loan being paid out and the short-term nature, the risk is much higher to the lender therefore they price this accordingly.

Still, even with higher interest rates, bridging loan can be a cost-effective solution for the right customer.

What is the purpose of a bridging loan?

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Bridging loans are used to:

  • Purchase Property: Buy a new property before selling an existing one.
  • Property Renovation: Fund refurbishment or development projects.
  • Business Opportunities: Secure urgent business funding or deal opportunities.
  • Auction Purchases: Quickly secure funds to buy properties at auction.

What are the different types of bridging loans?

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As with regular mortgages, there are lots of different types available to cater for individual client circumstances. As part of receiving great Bridging Finance Advice, your advisor will recommend the best way forward based on your situation.

Here’s a summary of the two main types of bridging loans that are available:

  • Closed Bridging Loan – A closed bridging loan has a predetermined repayment date, typically when a specific event occurs, such as the sale of an existing property. This type of loan is suitable when you have a clear and fixed timeline for repaying the loan.
  • Open Bridging Loan – An open bridging loan does not have a specific repayment date and is used when the borrower is confident about repaying the loan but hasn’t yet finalised the exact timeline. This type of loan offers more flexibility in terms of repayment.

What are the alternatives to bridging loan?

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Depending on your personal situation, there may be alternatives to taking out a bridging loan. Here’s a short list of the most popular ones, your advisor will run through these in more detail.

  • A Regular Mortgage – This will depend on whether this longer-term finance will suit your situation and if the property is in a condition to qualify for a mortgage.
  • Secured Loan/Second Charge – As above, in addition, you’ll need permission from your existing mortgage lender and enough equity in the property to qualify.
  • Personal Loan/Credit Cards – If you’re only looking for a small amount it might be worth considering unsecured borrowing such as a personal loan or credit card.
  • Development Finance – These loans work in a slightly different way and can be a great product for investors looking at refurbishment projects. We’ll help compare options here.
  • Fast House Buying Companies – These can be useful if you’re looking to release cash in the short term and qualify for a good price.

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Bridging Loan Consideration for the over 50s


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Bridging loans are typically secured against an asset, often the property being purchased or other valuable assets. The collateral serves as security for the lender in case a client fails to repay the loan.

Higher Interest Rates

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Due to the nature of the lending, bridging loans tend to have higher interest rates compared to traditional longer-term mortgages. This is because they are designed for short-term use and carry a higher level of risk for the lender.

Speed and Accessibility

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One of the main advantages of bridging loans is their quick processing and accessibility. They are designed to be approved and disbursed rapidly, which can be crucial in time-sensitive transactions. If you are organised and working with a great advice team, like us, bridging finance can be set up and agreed within days.

Flexible Repayment

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Repayment terms for bridging loans can vary. Some loans might require monthly interest payments with the principal paid back at the end, while others might allow for interest to be rolled into the final repayment. Your bridging advisor will run through these options with you in detail and recommend the best way forward.

Exit Strategy

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Bridging lenders typically require a clear exit strategy. A plan for how the loan will be repaid. This often involves demonstrating how the borrower intends to secure long-term financing or complete the sale of an asset to repay the bridging loan.


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While creditworthiness is considered, the decision to grant a bridging loan is often more focused on the value of the collateral and the viability of the exit strategy.

Associated Costs

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In addition to the interest rate, borrowers should be aware of other costs associated with bridging loans, such as arrangement fees, valuation fees, legal fees, and potentially early repayment charges. All the costs will be explained clearly as part of the bridging finance advice process.

Risk Considerations

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Borrowers need to carefully consider the risks associated with bridging loans, including the potential challenges in securing long-term financing or selling the asset within the expected timeline.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

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