Anne is a sprightly and independent 77-year-old. Sadly, husband Keith died last year after a lengthy illness and she’s still adjusting to a very different life.
Anne lives in a large 4 bedroomed detached in a nice village. She has lived in her home for 40 years, but since Keith died she has realised that it is too big. She would like to downsize but is in no hurry as she wants to find the right property. She is determined to stay in the village, near her family.
Unexpectedly, a bungalow has just come on the market nearby, and it would be perfect for her future needs. The difficulty is that as there are only a handful of bungalows in the village, it is going to be in huge demand, and her house isn’t even on the market. In fact, it’s not quite ready to put it on the market; she is keen to do some jobs on it first to maximise its sale potential. It’s all happened a bit too quickly, and Anne now feels stressed by the whole idea.
Anne could consider bridging finance. However, she hasn’t had a mortgage for over 20 years, and is scared by the idea of bridging, not least because it feels as though she would then be pressurised to sell the old house very quickly to keep the costs down.
Fortunately for Anne, she approaches a broker who tells her about a product which Furness Building Society offers. The Furness will lend Anne all the money she needs to buy the bungalow, so long as the loan represents no more than 60% LTV. She can even provide both properties as security if that helps. The product is for two years, which will allow Anne to move at her leisure, and do some work on her old house first. By separating the purchase from the sale, Anne knows that she can deal with one thing at a time, and can move gradually as it suits her, which is a huge emotional benefit for her.
Best of all, the product has no roll-up of interest and is priced keenly against bridging options, meaning that Anne doesn’t need to worry about spiralling debt. It will all remain within her control, and will be affordable for her.
Anne tells her broker that she is delighted with this option; it’s a real weight off her shoulders. Her broker calls their Furness Business Development Manager to talk the case through, and the application progresses swiftly through, meaning that Anne is now the owner of two properties, and can start to plan her new life.
If you’d like to talk to us about any enquiries which you may have, give our Broker team a call on 0800 988 1561 or contact your BDM