A BBC News report, which was specifically looking at Guernsey, said mortgage approvals were taking 10-12 weeks, even without complications.
The report pointed to stricter affordability checks, tougher valuations and income complexity as factors slowing down the mortgage process.
Delays can also leave buyers in limbo trying to arrange removals, insurance and completion dates.
However, bridging loan completion time can come to around 43 days, based on internal data from Clifton Private Finance, and urgent cases can be completed faster.
The broker firm added that bridging finance can provide certainty and flexibility in complex circumstances.
EPC planning: act now or risk the rush later
Sponsored by BM Solutions
Fergus Allen, head of bridging at Clifton Private Finance, said: “Traditional mortgages can take months to secure, particularly when buyers have multiple income streams, overseas earnings or a mix of self-employed and contracted income. All of these factors can slow down underwriting and increase the risk of delays.
“With bridging finance, affordability is assessed on your exit strategy – typically either selling your current property or refinancing onto a mortgage within 12 months. If you have a decision in principle (DIP) from a lender, that’s often sufficient for the latter without the need for lengthy underwriting or property valuations. This makes bridging a much faster and more flexible solution.
“Our data shows an average bridging loan completion time of just 43 days, compared to the 10-12-week waits in the mortgage industry. In urgent cases, we’ve even completed regulated bridging in just 10 working days and unregulated bridging in under 24 hours. This speed and certainty is a game-changer for buyers.
“The fees and interest associated with bridging loans are often outweighed by the peace of mind they provide, whether that’s avoiding a rushed sale, securing your next property or simply removing the uncertainty of waiting months for a mortgage offer. In today’s market, this certainty is incredibly valuable.”
Internal data added that the average bridging loan to value (LTV) was 52.8%, so most clients borrow just over half the property’s value, often for ‘buy before sale’ scenarios.
Looking at interest rates, the average rate is 0.64% per month, reflecting “competitive access to short-term finance”.
Clifton Private Finance added that around three-quarters of clients repaid their loan through a sale of property, with 19% opting for buy-to-let (BTL) remortgages and 4% choosing commercial refinance.
