Bridging Loans For Care Home Fees

Often, elderly care is only affordable through the sale of a home. Perhaps you find yourself facing the prospect of moving into a care home and being forced to sell family property to pay for it.

In many cases, you may need to pay a deposit and upfront costs of up to £10,000 to secure a place in a care home of your choice. Until funds from the sale of a home are available, ongoing care home fees may also be out of reach.

Sam O'Neill

Head of Bridging

Bridging loans can help smooth the transition and help you to pay your care home fees in the short term.

We've helped many of our clients to raise funds for the care of an elderly family member, while waiting for a property to sell.

How a bridging loan can be the solution when a loved one goes into a care home

Typically, a bridging loan can be agreed upon within a week. You can raise enough to quickly secure a care home placement, pay the immediate care home fees, and not worry about the ongoing care expenses.

Unlike a personal loan, bridging loans are secured by property, not income, and you can repay the bridging loan after the sale of the property. 

The benefits of a bridging loan to secure a care home place

• Bridging loans can be arranged very quickly, so you could have the funds in your bank account within weeks.
• You won't have to deal with the difficulty of moving into a care home at the same time as having to sell a house.
• You will have time to find the right estate agent to sell your property, do some renovation or decoration if needed, and ensure you sell it for its true market value.
• The loan can be taken out for up to 12 months and is paid back from the proceeds when you sell the property 
• There are no early exit fees - so if you sell the property after 3 months you only pay interest for 3 months.

How to apply for a bridge loan on behalf of a loved one who is going into care

If you find yourself in a situation where a loved one is incapacitated, and you have power of attorney, you can still apply for a bridging loan secured against their property, to raise funds for their care home fees in the short term.

Speak to one of our specialist advisors who will be able to help you get the ball rolling.

Why choose Clifton Private Finance?

Here at Clifton Private finance, our specialist advisors understand the pressures faced by families with loved ones going into care. We have specialist knowledge and expertise in this area and can help you find the right solution for your situation.

• We will listen to your needs, fully explain the bridging loan process, the fees, and all your different options
• We will work with your children or trusted loved ones where needed, giving peace of mind through each step of the process to your whole family.
• Short term finance for downsizing and covering care home fees (On a regulated basis)
• Market leading bridging loans from £50,000 
• Rates from 0.43% 
• Terms from 3-12 months
• Interest roll up 
• Same day agreement in principle
• We provide a friendly, professional service to help you get the money you need at the best available rates