Our customer had exchanged contracts on his new home and was approaching the completion date. The purchase transaction involved our customer porting his existing mortgage to his new home.
Very late in the day our customer realised that his existing mortgage could not be ported unless and until he had sold his existing home – which was not the case – or he had repaid the amount secured on his current property.
The £100,000 deposit paid upon exchange of contracts was now at risk!
United Trust Bank agreed to provide a short term bridging loan to repay the balance of the mortgage outstanding on the existing home which subsequently enabled the mortgage to be ported across to the property being purchased.
We issued our Decision in Principle and instructed the valuation and our solicitors on the same day. The valuer attended the property and the loan completed 1 week later.
This is a tremendous example of how the ability of the Bank’s Bridging Department allied to its experienced solicitors was able to assist a customer within a very short term.
Amount of Bridging loan: £259,900
LTV 63%