Newcastle launches day one bridge loan

The bridge can supply up to 100% of the purchase price, provided it does not exceed 85% of a property’s value, making it useful for discount purchases. Newcastle’s Day 1 bridge works in a similar way to its 30 day bridge in that it offers finance on a closed basis. The bridge must have a mortgage offer from another lender, who agrees to refinance the bridge with the initial lender. The lender will view the transaction simply as a remortgage at 85% of value, according to Newcastle. The benefit of the Day 1 bridge over the 30 day bridge is that interest is charged for a minimum of 30 da...