The Client

Miss F was referred to us by an estate agent in Northampton. She had just lost her buyer on the sale of her flat, but was in the process of purchasing a new build home in an idyllic location. Mrs F was a retired public servant. She or her partner didn't have the income required to fund a mortgage on the residential home. They knew they didn't want to miss out on the new build property as it where they fell in love with the location and would be perfect for their retirement plans.

The Challenge

Neither client has sufficient income to obtain a standard residential mortgage on the new property. They had some savings but nowhere near the £400k they needed to raise to purchase the new property without selling their own home.

The Solution

We provided a bridging loan that raised the £400,000 they require to complete on their purchase. By using their current home, valued at £600,000 and the new purchase, the lender had £1m in security for this loan. The loan would be repaid once they had secured a new buyer and the current home was sold. At which point both properties would be released from the charge. Result - a happy retirement in the perfect location!