United Trust Bank Bridging was approached by a broker looking to assist their clients with a downsize prior to selling their existing home.
The couple had found a smaller home to move to and wished to borrow £505,000 to cover the purchase price, the Land and Buildings Transaction Tax (Scotland’s equivalent to SDLT) and associated legal and other fees.
Both security properties required a full valuation due to the couple’s current home being of non-standard construction and their intended purchase failing the initial AVM.
The application was received on Thursday 4th September and speed was of the essence. the initial underwrite was completed the next day and valuations instructed for the following Monday 8th September.
Solicitors were instructed prior to formal agreement, and the loan was offered on Friday 12th. Funds were made available to enable the purchase to complete on Monday 22nd, just seven business days since UTB received the application.
The exit will come from the eventual sale of the borrower’s old home and mortgaging their new home to settle any remaining debt.
| Borrower | Personal borrower |
| Amount | £505,000 |
| Loan Type | Regulated bridging loan |
| Location | Scotland |
| LTV | 73% LTV |
| Term | 12 months |
| Loan Purpose | Downsize |
| Special Features | 2 security properties, 1 non-standard construction |