
Quick desktop property valuation on 2nd charge mortgage secures dream home for a relocation to France
You know how it is: you’re having a great time on holiday in France, you see a house that you could build a new life around, and you think “Let’s buy it”…
The key to turning this deal around quickly was approaching a lender who would use a "desktop valuation" on the property a second-charge loan would be secured against.
The Scenario
We got the phone call from Normandy: a client had found us from a Google search for "bridging finance" and "property in France". They had found a house close to the edge of the Andaines national forest, 45 minutes inland from Mont St Michel.
The couple wanted to sign the offre d'achat on their dream home before they returned to the UK.
This wasn’t completely a spur-of-the-moment decision: the husband was a self-employed designer who was confident he could continue to work from France, and they’d contemplated a relocation in a few years’ time.
They’d built up a good nest-egg of savings and substantial equity in their home in Northampton. They needed just £35K of additional funding to buy the house they wanted. But they needed it fast.
The Solution
A second-charge bridging loan secured against their UK home would give them the cash they needed – it would be repaid when they sell it and complete the move.
The low capital sum they required (they had a mortgage of just £70,000 outstanding on their Northamptonshire home) gave us more options for sources of finance, and also meant that we wanted to keep the set-up costs as low as possible.
We immediately approached a lender we have a good relationship with, who offers joint solicitor services to minimise legal costs and would use a £99 AVM (Automated Valuation Model) or “desktop valuation” for borrowings of less than 50% of a property valuation.
All that was required was a one-page statement of assets and liabilities, and we had a Decision In Principle and the AVM (putting a valuation on the Northampton house of £365,000) confirmed that same day. That was sufficient to secure the purchase.
The only hold-up in completing the deal was getting their current first-charge mortgage lender to approve the second-charge against the house. The high-street bank moved at what seemed to be a glacial pace in the run-up to Christmas, but with a lot of pushing the funds were released and the sale could be completed before the holiday break. Happy Christmas all round.
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.
George Abouzolof
Finance Broker
Bristol
0117 403 3444
Do you need help sourcing your own property finance?
I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
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.
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
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
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
Jack Spillane
Finance Broker
Bristol
0117 959 5094
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
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.
Book a telephone consultation at a time that suits you:
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.
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
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.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214