We were approached by a couple in their eighties for a bridging loan to purchase a property in Yorkshire as they were relocating from Romford, Essex. This would allow them to downsize as they retire.
The clients needed to complete the transaction quickly as they wanted to secure their desired new home, move and settle in in their new property without the stresses of selling their property and they wanted the time to obtain the best price. The property was also being purchased from probate.
The clients had decided to relocate to the north of England, as they wanted to spend more time exploring the Yorkshire dales as the enjoyed keeping fit.
The Purchase price of the new home in Lancashire was £450,000. The existing property that was being used as additional security was valued at £650,000 with no existing mortgage. They had no cash deposit and wanted to use the equity from the existing property to borrow 100% of funds to complete the purchase.
We arranged a loan for £450,000 with one of the leading regulated bridging lenders at a rate of 0.53% per month over a 12-month term.
This has given our clients the opportunity to sell their existing property which is on the market, while they settle into their new property and get the best price possible for the property they are selling.
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