Bridging Loan For Couple To Move In With And Care For Elderly Mother In Hertfordshire

The Scenario

Our clients, a mother and her son-in-law, wanted to sell their properties and move in together.

The married couple were concerned for the mother's health, and to ensure they could care for her in the mother’s later years, they wanted to all move into a property.

The mother owned an unencumbered property in Middlesex worth £650,000, and the married couple had a property worth £450,000.

They wanted to purchase a large property in Herefordshire worth £870,000.

The clients needed to act quickly to secure and take the property off the market. However, due to the mother's age, traditional lenders would not provide a mortgage in the mother’s name.

Our Solution

We understood the couple's concern for their mother and acted as quickly as possible.

We raised two bridging loans: a first charge was secured on the mother’s property for £450,000 and a second charge of £50,000 was raised on the married couple’s property.

In addition, we approached a private bank to secure a mortgage to source the remaining £325,000. Although the mother was 80, we got an interest-only mortgage for her.

As a result of our swift service and thorough negotiations, we raised the finances needed and allowed the three clients to purchase their desired family home.   

In a similar situation? Call our bridging loan team on 0117 959 5094 or use our bridging loan calculator to get an indicative quote