Short Term Finance for Elderly Client Looking to Downsize in Retirement to Somerset
- Somerset
The Scenario
Our client was an elderly man, whose son was representing him and being his point of contact to help him during this process. He was looking to downsize into a new retirement flat, which he had already found.
He had a property on the market, but with buyers falling through, and his eyes already set on a property, he was running out of time. He needed short-term funding to help him buy his dream flat whilst his other property was waiting to be sold.
Due to our client’s age, traditional banks were not willing to give him a mortgage, and others were not able to give him any short-term funding, as some banks view clients in retirement as high risk due to their age and income.
The Solution
Our specialist brokers have built strong relationships over the years with a group of trusted lenders, who are non-traditional and offer short term finance.
With the hard work of our broker team, we found a non-traditional lender who was willing to be involved in our client’s case, and together we arranged a regulated short-term bridging loan, to help cover his moving costs.
With the broker, we helped to create an agreed re-payment plan using the funds from his original properties eventual sale, and our client was able to purchase his dream retirement property.
jamescaldwell
Bridging loan calculator
Your Borrowing
Loan Required
Property value to be used as security*
Do you have any current charges on the property(s)?*
*Such as an outstanding mortgage or current bridging loanOutstanding charges /mortgages amount
Last Step - Get a bespoke quote
Your Borrowing
Loan Required
Property(s) Value*
Do you have any current charges on the property(s)?*
*Such as an outstanding mortgage or current bridging loanOutstanding charges /mortgages amount
Your Loan Quote
Loan Required
£50,000
12 MonthsMonthly Interest Rate
£40,000
£40,000
£40,000
Loan Term
12 Month(s)
Your LTV
72%
Your Loan Costs
Valuation fee:
£690
Solicitor fee:
£1,440
Lender facility fee @ 2%:
£1,029.42
Admin fees:
£155
Our Arrangement Fee:
£495
Total Loan Cost:
Yes
Yes