Bridging Loan To Downsize Property And Move Closer To Family

The Scenario

Our clients owned their £1M Surrey home mortgage-free. They wanted to downsize and move closer to their family.

Their requirements in terms of location and the type of property they wanted were quite specific. They were leaving a much-loved family home, and this was the last move they expected to make.

They found the perfect house and needed £600K to make the purchase. Obviously they had an abundance of equity available in their current home, but million-pound houses don't find their buyers straight away. They didn't want to rush their sale. 

Because they were downsizing there was room in their finance: securing the right property was their top priority. And there were other buyers circling. 

The Solution

We were able to arrange a short term bridging loan secured against their Surrey home within 12 days. 

And as it happened, the property found a buyer at their asking price just two months later, allowing our clients to repay their bridge loan with minimal interest.