Emma and Carl currently own their own home worth £150,000 and are mortgage free.
They have seen their dream home, worth £205,000, in an up and coming area and want to move quickly so they do not lose out.
Their joint earned income is £53,378. Emma is British and Carl is Australian, on a spousal visa which has been renewed once and is due to expire on 28/09/2019.
They have applied for a mortgage of £153,500 elsewhere so they can buy their new home and have no other personal debts or liabilities.
The problem they have is that they wish to raise £60,000 on their current property for the deposit but have not yet put it on the market, but have agreed they will do so immediately.
They both believe their property could sell quickly so they are relucant to agree to a bridging option as they may get penalised. Their broker hears about Short Term Lending product, with a 2 year interest only period and crucially featuring no early repayment charge, making it ideal for Emma and Carl.
They can borrow up to 60% LTV and the broker has agreed to review the marketing and sale of the property to ensure that by the end of the 2 year term the debt to the Society has been fully repaid.
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All our case studies are based on real cases but the names have been changed and stock images have been used to protect confidentiality.