Our borrower is a recently widowed lady. She was seeking to move to be closer to one of her sons, a move which also involved moving into a smaller property. For many homebuyers, but particularly more mature homebuyers, the stress of moving home can be exacerbated by the worries of trying to coordinate the sale of their existing home with the purchase of their new one.
A bridging loan can remove many of these worries by enabling the borrower to move at their own pace. They can acquire their ideal next home when they find it without fear of losing it to a buyer who is able to proceed more quickly. Once bought, the customer can choose to move into their new home over several days or even weeks instead of a frantic completion day dash to move out of their old home and into their new one.
Our borrower’s property was not yet on the market, but she had found a bungalow to move to and wanted to buy it before she had sold her 3 bedroom detached house. By providing a 9 month bridging loan of £196,000 secured on both properties, United Trust Bank helped the borrower to stay in control of her downsize and achieve her wish with the minimum of worry.
Loan Amount: £196,000
LTV: 36%