Bridging loan to do-up and sell, and downsize

Bridging loan to do-up and sell, and downsize

Area
Greater Manchester
Capital Raised
£195K

This is exactly the sort of situation where a bridging loan can be a really straightforward finance option that creates possibilities, when otherwise you’d be stuck in a housing trap or facing a very disruptive moving process.

The Scenario

Our client was recently widowed and wanted to sell up and move to a comfortable retirement flat from the four-bed house that had been the family home for 20 years.

His £350K house was mortgage-free, and the £190K apartment would be costing less than half of what the family home should realise.

But he didn’t have any spare cash to pay for the decorative work that was needed to get the property spruced up for sale. Or for legal fees and stamp duty.

Meanwhile, the right flat in the right retirement complex (that’s close to friends and family) doesn’t come up very often.

But he’d found the flat that would suit him, and he didn’t want to have to wait until he found a buyer for his house. He wanted to buy and get in, and take his time about moving what he wanted from the old home.

The Solution

He needed to raise the full purchase price of the flat, plus legal costs and charges, plus the cost of the redecoration work (estimated at about £1K).

Securing a bridging loan against both properties gave us a combined LTV of 37%, which allowed us to access the amount of borrowing he needed, at the most affordable rate – 0.48%.

With one lender and one product for the two loans, the online valuations were free for both properties (a saving of about £700), and using joint legal representation with the bank kept his legal costs below £1,400.

Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

book a telephone appointment with one of our brokers today

Book Consultation

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

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

book a telephone appointment with one of our brokers today

Book Consultation

Scott Dutfield

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 Consultation

Carly Cheeseman

Head of International

Bristol

0117 457 9922

Do you need help sourcing your own property finance?

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

book a telephone appointment with one of our brokers today

Book Consultation

Nick Kerley

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

Book Consultation

Specialist Car Finance

Broker Finance Team

Bristol

0203 900 4322

Do you need help sourcing car finance?

Speak to our finance team or book a team to speak that suits you. 

Book Consultation

Business Finance

Business Finance Broker Team

Bristol

0203 880 8890

Do you need help sourcing business finance?

We have extensive experience sourcing unsecured and secured finance for businesses. Book a free telephone consultation with our business loans broker team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Mortgages & Short Term Finance

Mortgage Broker Team

Bristol

0117 959 5094

Do you need help sourcing a UK mortgage?

We have extensive experience securing 1st and 2nd charge mortgages. Book a free telephone consultation with our mortgage broker team at a time to suit you.

book a telephone appointment with one of our brokers today

7 Reasons why you should use a specialist mortgage broker »

Book Consultation

Development Finance

Broker Team

Cardiff

0117 959 5094

Do you need help sourcing UK property finance?

We have extensive experience securing UK development finance. Book a free telephone consultation with our team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Expat and Foreign National Mortgages

Broker Team

Bristol

+44 203 900 4322

Do you need help sourcing UK property finance?

We have extensive experience securing UK mortgages for clients based outside the UK. Book a free telephone consultation with our team at a time to suit you.

book a telephone appointment with one of our brokers today

Book Consultation

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

Get in touch today and find out how I can help.

Book Consultation

Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

Are you in need of a similar type of property finance?

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

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

Book Consultation

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

Book Consultation

Fergus Allen

Senior 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

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

Book Consultation

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

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 

Free telephone consultation service, Clifton Private Finance

Book Consultation

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

Book Consultation

Alex Chambers

Senior Private Client Adviser

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.

Book a telephone consultation at a time that suits you:

telephone consultation service, Clifton Private Finance

Book Consultation

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

Book Consultation

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.

View Profile »

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

Book Consultation

Contact Us