Bridging Finance on His and Hers properties, to buy joint property in Uxbridge
The Scenario
Our clients are a London couple who got together in their 50s and after a few years were ready to buy a home together.
They found the three-bedroom house they wanted in Uxbridge, convenient to their work and families, on the market for £650,000.
They had sufficient equity in the flats they each owned to need only a £200K mortgage, enabling them to let out each of their previous homes to generate retirement income.
They each had Let To Buy mortgages agreed in principle when they hit a snag.
One of them had an outstanding second charge on her mortgage from years ago. It was only for £20K and she was ready to pay it off now – except that the lender had gone bankrupt in the interim. The administrators were having trouble identifying who the monies should be repaid to, but meanwhile the couple were being pressed to exchange on the house they wanted to buy.
The Solution
They were disappointed that they couldn’t proceed on the basis of the LTB arrangements they had in place. But they didn’t want to let this house go.
We arranged a bridging loan for the £200K they needed to complete the purchase, at a favourable 0.49%.
The bridge was secured against the new house, leaving each of the flats they already own unencumbered - and saving on remortgaging costs when those LTB mortgages are ready to go through.
They were delighted to be able to proceed with the purchase.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.