1. The document pack to have ready on day one
Lenders will ask for a defined set of documents at application. Having them ready before you talk to a broker takes a week out of the timetable.
- Photo ID for every borrower and director (passport or driving licence) and a recent utility bill or bank statement showing the same address.
- Last 3 months of bank statements for the main current account; 12 months for high-net-worth or self-employed cases.
- Most recent SA302 or company accounts for self-employed and Ltd Co borrowers (last 2 years where possible).
- Title information on the security property: leasehold or freehold, lease length if leasehold, any existing charges, and the current registered owner.
- Mortgage statement for any existing first charge if it is a second-charge bridge.
- Detailed exit plan: for a sale, the agent, the asking price and the marketing strategy; for a refinance, the proposed lender and the AIP if you have one.
- Purpose-of-loan narrative: what the funds are for, why a bridge specifically, why now.
2. Questions to ask the broker
A good broker will answer these without being prompted. If they cannot, look elsewhere.
- How many lenders have you quoted this case to, and what are the rate and fee differences across them?
- How will you test my exit before we apply, and what evidence do I need to bring?
- What is the total cost of this bridge - rate, arrangement fee, valuation, legals, exit fee, and any minimum interest period?
- What is the realistic completion timeline for my specific case, not the marketing brochure?
- What does the formal offer include that the indicative quote did not?
- Who handles the case at your end and at the lender's end if something goes wrong?
- What is your fee, when is it payable, and is it contingent on completion?
3. The numbers to model before signing
Bridging is priced as a package, not as a single rate. The numbers that actually matter when comparing one offer to another:
- Net loan vs gross loan: how much cash you actually receive after retained interest and fees.
- Total interest over the realistic term (not just the maximum term).
- Arrangement fee (typically 1-2% of gross loan).
- Exit fee (some lenders charge 0.5-2% on redemption; many do not).
- Valuation fee (£500 to £15,000+ depending on property value).
- Legal fees - both yours and the lender's (which you usually pay).
- Any minimum interest period (often 3 months even if you redeem earlier).
- Default rate if the loan goes past term (often 2-3x the headline rate).
Ask two lenders for the same case and compare the net cost of borrowing over a realistic term, including fees and minimum interest. Headline rate alone is the least reliable basis for choosing.
4. What to watch for in the offer letter
The formal offer letter (or 'facility letter') is the legal document. Read it carefully, ideally with your solicitor. The clauses that catch new borrowers out:
- Minimum interest periods - if redeemed inside this window, you pay the full minimum regardless.
- Default rate - the rate applied if the loan goes past the agreed maturity date without an agreed extension.
- Extension fee - the cost of formally extending the loan past maturity.
- Early repayment charges - some bridges have them despite being short-term products.
- Conditions precedent - things that must be true before the loan can draw down.
- Material adverse change clauses - what events allow the lender to pull the offer before completion.
- Personal guarantee scope - on a Ltd Co bridge, exactly what the PG covers and any cap.
5. The mistakes first-time borrowers make
Most of the same handful of errors, learned the same way. Avoid them and the case will run smoothly.
- Choosing on headline rate alone, without modelling the total cost.
- Not disclosing existing facilities, adverse credit, or the true purpose of the loan up front.
- Underestimating the legal timetable - clean cases take 5-10 working days, complex ones up to 6 weeks.
- Taking the first offer without benchmarking against at least one alternative lender.
- Not testing the exit strategy before signing - the single biggest cause of failed bridges.
- Treating the indicative quote as final terms. The formal offer can differ materially after underwriting.
- Leaving the refinance exit until the end of the bridge - by then it is often too late.
6. Next steps
If you have read this far, you are already in a better position than most first-time borrowers. The practical next step is to get a clear indicative quote, benchmarked across at least two lenders, with the exit stress-tested at the same time as the bridge itself.
Send us the scenario, attach what you have from the document pack above, and we will come back inside the working day with indicative terms, a lender shortlist, and the realistic timeline for your case. No upfront fees, no obligation, no pressure to proceed.