Bridging loan requirements

Mr111

Hello,

I am hoping to obtain a bridging loan however I am a little worried as I received a criminal record for fraud over 8 years ago. 

This was a one off mistake during a difficult time in my life, which I have learned a harsh lesson from.

my question is, as the conviction is now spent and was over 8 years ago. Would I be required to disclose this information on any application form? Or would it not be relevant due to how long ago it was and the fact that it is now spent?


thank you for your advice.

[Deleted User]

It depends on the application form. If it asks have you ever, then the answer is yes, regardless of whether it is spent or not

If it doesn't ask or asks about the last 6 years, you can say no honestly

Mr111

Thank you for your response, I really appreciate any help.

Are you aware of any lenders that would only ask if it was in “the last 6 years”?

 

[Deleted User]

I have no idea, you could try a loan checker like the MSE tool and see what they ask but do check very carefully on the lender site if you get an good chance just in case

Mr111

Thank you once again for your advice. Would you be able to recommend a broker whom might be able to help?

[Deleted User]

Mr111 said:

Thank you once again for your advice. Would you be able to recommend a broker whom might be able to help?

Forum rules prevent that. There is no point paying a broker (and DO NOT use random ones on google who will make you pay a fee for checking / finding loans)

Use the free MSE eligibility checker on the site and see what comes up

Mr111

You have been really helpful and I am so grateful for your feedback.

would you be able to please post a link for the MSE eligibility checker specifically  relating to bridging loans. I can only seem to see options for personal loans only.

[Deleted User]

You either need to take out a loan normally (depending on what the purpose of the loan is for) which you can use the MSE checker for, or use Money Supermarket (parent company of MSE) who have their own comparison site

https://www.moneysupermarket.com/loans/bridge-loans/

K_S

Mr111 said:

Hello,

I am hoping to obtain a bridging loan however I am a little worried as I received a criminal record for fraud over 8 years ago. 

This was a one off mistake during a difficult time in my life, which I have learned a harsh lesson from.

my question is, as the conviction is now spent and was over 8 years ago. Would I be required to disclose this information on any application form? Or would it not be relevant due to how long ago it was and the fact that it is now spent?


thank you for your advice.

@mr111 As an applicant, the expectation would be that you answer all the fact-find questions (broker or lender) honestly. From my experience, this question is not part of most standard fact-finds BUT it's one of those where the lender system will have their own automated checks to fall back on.

Definitely use a broker for this. The MSM link shared above is essentially MSM's tie-up with Fluent Money, a broker. The bridging space is hyper-competitive and there's a lot of undercutting possible (unlike residential mortgages). So once you get a written quote from one broker, take it to another bridging broker (google + reviews should give you a few names) and ask if they can beat it.