Using a bridging loan to secure a new home

Customer situation

Our client wanted to buy a new residential home. However, as they were older, they had challenges getting a traditional mortgage. After exploring various options, including equity release, they found themselves at a standstill. The equity release lender wanted them to buy and move into the property before providing the funds, which was unachievable.

Solution

We quickly found an option, which was a bridging loan. This solution allowed them to buy the property they wanted and continue with their plans without any delays.

• Loan size: £50,000

• Loan term: 12 months

• Completion time: Within the 4-week window the client had

Outcome

Thanks to our help, our clients were able to buy the property and achieve their goals.

Important note

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.