Bridging Loan Raised Against £650k Surrey Home to Fund Care Fees Before Sale

Bridging Loan Raised Against £650k Surrey Home to Fund Care Fees Before Sale

Area
Surrey
Capital Raised
£100k

Having a family member move into care can be an emotional and stressful experience, and worrying about care fees and moving costs only adds to the pressure.

Many people don’t realise how easy it can be to get a bridging loan against a property before it’s sold. You can raise quick, short term finance to pay for any immediate costs while you free up cash from elsewhere.

It's cheaper than using a standard personal loan, and you could get a much bigger loan size because it's secured against a property.

The Scenario

Our client contacted us as he needed to raise approximately £100k to pay for care fees for his mother, who had recently moved into a care home unexpectedly.

He had Power of Attorney over his mother’s affairs, but neither party were financially prepared for the high care fees. They could only afford them by selling the mother’s property – a £650k residential home in Surrey.

However:

  • It was going to take a while to sell

  • They wanted to ensure they got the full value for the property, not wanting to rush the sale.

  • And, they wanted to complete some light refurbishments before putting it on the market – some general cosmetic improvements would go a long way to getting a better sale price.

The Solution

We presented our client the solution of raising a £100k bridging loan against the Surrey home on a 12-month term, with no early repayment charges.

It was a perfect result for our client:

  • £100k cash would cover a year’s worth of care home fees and other costs

  • The 12-month term gave them plenty of time to complete the renovations and realise the full value of the Surrey property.

  • No early repayment charges on the loan meant they could repay it at any point within the 12 months. They could avoid paying the full 12 months of interest if they didn't use it.

  • We used a lender that would use a free, online valuation of the property to minimise costs.

  • And we recommended that our client used the same solicitor as the lender to speed up the process.

  • And finally, we worked fast - from application to funds received in less than 20 days for our client.

What’s more, the peace of mind that our client had when speaking to our broker (an expert who reassured him of the bridging process, costs, timescales etc.) was invaluable – it put to rest his concerns regarding paying for the care fees on time and capitalising on the full value of his mother’s home.

See our complete services on bridging loans for care home fees

 

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

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George Abouzolof

Finance Broker

Bristol

0117 403 3444

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I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you 

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

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Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you 

  Book a free telephone consultation with me at a time to suit you, Clifton Private Finance

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Fergus Allen

Finance Broker

Cardiff

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.

Book a free telephone consultation with me at a time to suit you

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you 

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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. customDatabaseField-8455

Mathew Phillips

Senior 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.

Book a free telephone consultation with me at a time to suit you

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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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.

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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. Book a free telephone consultation with me at a time to suit you.

 Book a free telephone consultation with me at a time to suit you, clifton private finance

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar?

I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you 

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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.

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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. customDatabaseField-8455

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